And for the WTF moment of the day…

This may seem to have nothing to do with anything but considering the theme of this blog… and since I was just done bitching about capital consumption…

I read in a report that “The Financial Times points out that Saudi Arabia “is on course to consume an average of 2.81 million barrels a day of oil this year, making it the world’s sixth-largest oil consumer behind the U.S., China, Japan, India and Russia. On a per capita basis, its oil consumption is sky high. This year, its consumption is set to jump by 5.6 per cent, way above the global average of 1.4 per cent.

I was unable to find the Financial Times quote but an internet search yielded these somewhat old statistics:

Rank Countries  Amount  Date
# 1   United States: 18,690,000 bbl/day 2009 Time series
# 2   China: 8,200,000 bbl/day 2009 Time series
# 3   Japan: 4,363,000 bbl/day 2009 Time series
# 4   India: 2,980,000 bbl/day 2009 Time series
# 5   Russia: 2,740,000 bbl/day 2010 Time series
# 6   Brazil: 2,460,000 bbl/day 2009 Time series
# 7   Germany: 2,437,000 bbl/day 2009 Time series
# 8   Saudi Arabia: 2,430,000 bbl/day 2009 Time series
# 9   Korea, South: 2,185,000 bbl/day 2010 Time series
# 10   Canada: 2,151,000 bbl/day 2009 Time series


Think about that for a moment.

Here is a country that produces absolutely nothing economic, a country that contributes nothing scientific, industrial, literary or cultural, a country that has a fraction of the population of the countries preceding it in this classification, a country that has next to no public infrastructure, a country that is mostly desert… and they are the 6th largest consumers of oil behind six or eight of the most productive and populous countries and societies in the world.

That is just staggering.

That is the epitome of resource squandering and capital consumption.


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5 Responses to “And for the WTF moment of the day…”

  1. bertusmaximus Says:

    hey pat, i don’t think much needs to be said about the role of the USA in relation to supporting Israel and Saudi. self evident.

    i am not a proponent of peak oil as what needs to be considered is peak energy and that is infinite from a physicists perspective. the issue is short term (years) supply demand imbalances in certain forms of energy which will take decades to re-balance …

    or we could just stop printing cash and oil crashes to its drilling cost somewhere above 50$ a barrel … but deflation and helping household balance sheets in not what bernanke et al want to let happen … and at the same time it has huge geo-political consequences. we wouldn’t want the likes of saudi or venezuela going bust now would we?

  2. Patrick Donnelly Says:

    Bertus Saudi is just an extended family of maybe 5,000 and lines on a map. Only with US and Israeli help have they been able to hang on. Buying survival is cheap and necessary. I wonder what the exit strategy is? Remember 9/12? All flights grounded except Saud?

  3. Patrick Donnelly Says:

    Are we sure that they are not storing it? Is this refined? Where? Very interesting point, but I suspect there is some other reason than profligate consumption.

    Most of the inhabitants have no rights nor property……

    • guidoamm Says:

      That’s an interesting thought and could explain the gargantuan consumption. It is otherwise an unconscionable degree of waste. How can a country that creates and offers so little consume so much without offering any degree of social or cultural development to its own people let alone the wider world. It boggles the mind.

  4. bertusmaximus Says:

    jeff rubin may not know bonds too well .. but he does know oil … and his point about producing nations increased consumption and subsidization of oil prices domestically very poignant; i.e. destabilizing.

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