Quote:
Originally Posted by mapuc
In our Ukraine thread discussion on our Gas supply is being discussed- What about oil.
What will happen if Saudi-Arabia & Co stopped sending oil and gas to rest of the world ?
Markus
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Saudi-Arabia & Co (OPEC) is silent, do not know this will happen like in 1973. The US is already the second-largest oil producers in this world, and they can produce more oil if required. If Saudi Arabia decided this, they could adopt the same program as most other sellers and their crude would stop flowing to the US. The volume would be made up in the US market from the African crude that would be displaced from Asian refiners. The Saudis would be exceptionally unlikely to take such a step, they have refinery investments in the US they prefer to supply with some of their own crude. Further, Saudi Arabia and the US have a very long-standing relationship that is mutually beneficial. Saudi oil could be quickly replaced with Canadian oil and a host of other producers.