Saudi Arabia's Crude Oil Production Peaked in 2005
Posted by ace on March 3, 2009 - 9:24am
Topic: Supply/Production
Tags: ali al-naimi, aramco, jack zagar, jean laherrère, matthew simmons, opec, original, peak oil, saudi arabia [list all tags]
Saudi Arabia's historical crude oil production indicates a peak of 9.6 million barrels/day in 2005. In 2008, crude production was 9.3 mbd. In 2009 it is forecast to be 8.1 mbd followed by an increase in 2010 to 8.5 mbd. Unfortunately, after 2010 a steady decline is forecast.
The forecast production profile assumes that Saudi Arabia's ultimate recoverable crude oil reserves (URR) are 185 billion barrels (Gb). However, it is possible that Saudi Arabia could have an additional 25 Gb from discovered undeveloped fields and future discoveries. A higher URR of 210 Gb implies that the additional production increment could decrease the total decline rate from about 2015 as shown by the dashed line in the chart below.....
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