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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End? -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (1172)	3/4/2007 7:05:47 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 1183

Saudi Arabian oil declines 8% in 2006 (When the Saudis peak, the world peaks...Simmons) Stuart Staniford, The Oil Drum For a talk I was meant to give, I updated my graphs of Saudi oil production, which I hadn't done in a few months. What I found was pretty interesting, and I'm starting to draw stronger conclusions. ...Overall, I feel this data is clear enough that I'm willing to go out on a limb and conclude the following: Saudi Arabian oil production is now in decline. The decline rate during the first year is very high (8%), akin to decline rates in other places developed with modern horizontal drilling techniques such as the North Sea. Declines are rather unlikely to be arrested, and may well accelerate. Matt Simmons appears to be right in Twilight in the Desert, but the warning did not come until after declines had actually begun. I suggest that this is likely to place severe political strains on Saudi Arabia within a year or two at most. (2 March 2007) Picked up by Kevin Drum at the popular liberal blog at Washington Monthly. theoildrum.com