Saudi Oil Wells would become empty in 70 years

At present, Saudi Arabia is having about 266.5 billion barrels of crude petroleum stocks in its territories and this huge stock would deplete in the next 70 years, it is speculated.

 

This negative report is said to have propelled Saudi Arabian authorities in assigning a private research company to conduct a detailed research on its oil reserves and give findings in this regard.

 

As the world knows, Saudi economy depends on its oil reserves. Of the total exports from Saudi Arabia, as high as 75% of income derived from Crude Oil segment alone. Meanwhile, Saudi Arabia had planned for release of Rs. 99,804 crore worth Bonds in the global market, and these bonds would have 5, 10 and 30 year maturity values.

 

Oil Prices Likely to Rise: If oil prices are increased in the coming days, one should not feel surprised. The government-owned oil companies had given $ 51.14 dollars per barrel of crude oil, last Friday and this is said to be the first time that oil companies have paid high price after June in the current year.

 

In the volatile market scenario, the government-owned oil companies are like to revise oil prices after October 15. Price of per liter of Petrol saw in increase of 0.28 paise while price of Diesel saw a decrease of 0.06 paise.

 

8 Lakh People May lose LPG Subsidy: While the Union Government is facing a challenging scenario of giving domestic LPG subsidy, more than 10 lakh people are being given the LPG subsidy at present, ‘Financial Express’ has reported.

 

Government-owned Oil Companies have discovered that nearly 8 lakh people have obtained domestic LPG subsidy, whose known sources of income is over and above Rs. 10 lakh per annum.

 

The Union Government is said to have done some homework on restructuring the criteria for LPG subsidy and as such, it is pondering to stop domestic LPG subsidy to those with annual income Rs. 10 lakh and above.

 

With the help of SAS (Self Assessment Scheme) of the Union Government, the authorities were able to discover people whose income exceeded Rs. 10 lakh income limit. Even, Oil supplying companies had taken help of Tax department in this aspect.

 

Earlier, of the total LPG consumers in the country, nearly 1.5 crore people had declared that they do not require LPG subsidy.