RE:RE:RE:RE:International ETFs and Mutual Funds abandoning Canadian oilFrank, Saudi is worse off. Their "straw" is sucking up mostly water in their once dominant Ghawar field. Once a virgin field where formation pressure alone drove up oil without the need for pump jacks, downhole pumps when formation pressure gets depleted. Secondary production is when you need pump jacks/downhole pumps to bring up oil for lack of formation pressure cause of depletion Now they need to use tertiary production methods (water/polymer flooding in order to maintian a decreasing level of production.
Meanwhile XOM is ramping up production to 2 million per day in Permian expecting to sustain that for 15 years. Plus XOM Guyana is headed to 1.3 million per day. Saudi won't be the swing producer for much longer. Now Iran has all of this stranded primary production oil because of US sanctions while Saudi fields are depleting. https://en.m.wikipedia.org/wiki/Ghawar_Field