Re: World Oil Forecasts Including Saudi Arabia, Kuwait and the UAE - Update Feb 2008
Furthermore, on 11 April 2006, according to this source and requoted here, Platts quoted a Saudi Aramco spokesman saying that “Saudi Aramco’s mature crude oil fields are expected to decline at a gross average rate of 8%/yr without additional maintenance and drilling” and that “This maintain potential drilling in mature fields combined with a multitude of remedial actions and the development of new fields, with long plateau lives, lowers the composite decline rate of producing fields to around 2%.” Therefore, as of April 2006, Aramco’s crude oil production was forecast by this Aramco spokesman to decline at 2%/yr which means that Saudi Arabia has passed peak crude oil production.
Peak Oil is real, and it is either here already, or just a few years away.
Still want that gas-hog SUV?
Still want to build gas-hogs, Big Three Automakers?
Let's get real, and deal with the reality of decreasing oil supplies and higher prices.