Quote:
Originally Posted by White Rabbit
I've seen data showing 87 and 89 million barrels per day production averages during the 2005/06 period. I'll look for a credible source for confirmation.
Either way, it makes a mockery of Saudi's non-stop bull about retaining an ability to increase production on demand. They apparently can't - they are maxed out right now.
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The saudis recently said they will purposely not tap new fields.
Saudi Arabia's King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the world's top exporter for future generations…
"When there were some new finds, I told them, 'no, leave it in the ground, with grace from god, our children need it'," King Abdullah said…
Saudi production capacity stands at around 11.3 million bpd, and is scheduled to rise to 12.5 million bpd next year.
Saudi King Abdullah drops quiet bombshell; U.S. media sleep through it | EnergyBulletin.net | Peak Oil News Clearinghouse
This was a worry i read about awhile ago... as peak oil becomes more visible and obvious, many nations will decide to reduce exports preserving their reserves for their own present and future domestic consumption. This only further deepens the problem of peak oil, and it causes the decline side of the bell curve to drop like a cliff....
Andrew