Random Good News

I know I haven't updated in over two weeks -- listen, I said I wasn't going to post often, this subject scares the bejesus outta me -- but I hadda pass these on:

• From Craigslist, the desperation of a crude trader caught long...
• The Saudis -- and you have to take this with some grains of salt -- very, very big grains -- claim they could increase their reserves by 77% in a relatively few years. Okayyyy...
• Petroleum News says U.S. offshore gas reserves could be 12% higher than previously estimated, at a total recoverable of 461 Gcf. By contrast, last year's consumption was 22 Gcf.
• Qatif, a Saudi field Matt Simmons claimed was in "sorry" condition, had peaked at 120 kbpd in 1977, and was even being used (partly?) as a storage facility, has been upgraded to 800 kbpd capacity.
• China says that Bohai Bay may contain 20.5 billion tons of oil, with 9 billion proved. The country's current consumption is about 300 M tons annually, but is expected to rapidly increase with industrialization.

And that's about it, really. Most of the other news isn't that positive. But, for now, that's all. Happy New Year everyone, and turn out the light if you're not in the room.