the Saudi Princes have announced the arrival of Peak Oil

[4dsc]

”Saudi Oil: A Crude Awakening on Supply?“, BusinessWeek, 10 July 2008 – “The Saudis say they can ramp up production to 12.5 million barrels a day. But a field-by-field breakdown obtained by Business Week shows that’s not likely “ This may be great investigative work; it may be a semi-official leak. Excerpt:


However, it appears that for at least the next five years, and possibly longer, the Saudis are likely to produce less crude than promised, according to fresh data on the kingdom’s oil fields obtained July 9 by BusinessWeek. Saudi officials have said they would increase production capacity to 12.5 million barrels a day next year, from the current 10 million barrels a day, and could even ramp up to as much as 15 million barrels a day if the market demanded it.


… But the detailed document, obtained from a person with access to Saudi oil officials, suggests that Saudi Aramco will be limited to sustained production of just 12 million barrels a day in 2010, and will be able to maintain that volume only for short, temporary periods such as emergencies. Then it will scale back to a sustainable production level of about 10.4 million barrels a day, according to the data.

BusinessWeek obtained a field-by-field breakdown of estimated Saudi oil production from 2009 through 2013. It was provided by an oil industry executive who said he had confirmed it with a ranking Saudi energy official who has access to the field data. The executive, who has proven reliable over several years of reporting interaction, provided the data on condition of anonymity to protect his access to the kingdom and the identity of the inside contact who confirmed the information.

http://fabiusmaximus.wordpress.com/2008/07/11/peak-oil/

There you have folks..

[Hannah Bell]

1. There you have: no "Saudi princes" announcing anything, & an anonymous source w/

a document saying 10.4 b bpd is a sustainable level of production.

[4dsc]

2. I guess you missed the whole point

its nothing but window dress that the Saudi's are fooling the world with when they claim they can go to 12.5 mmbpd.. That's not happening and the Saudi's are doing everything in their power just to maintain anything above 10 mmbpd.. This doesn't bode well for anyone who believe's we can get more oil from them..

I cannot wait to see how this all plays out between now and 2013..

[kristopher]

3. Hannah Bell nailed "the point". nt

[bhikkhu]

5. Here is a nice little graphic:

http://www.businessweek.com/bwdaily/dnflash/content/jul2008/db2008079_865368.htm

Note the only projected increase is in heavy oil, which they can hardly sell now. The stuff everyone wants is in decline or holding steady to 2013.

[IrateCitizen]

7. Ding Ding Ding!!!

The low-hanging fruit is GONE. All that is left is the hard-to-reach fruit (deepwater, arctic, etc.) and the less-than-desirable fruit (heavy oil, tar sands, etc.).

If anyone in this thread nailed the point, you just did.

[Dead_Parrot]

4. "A sustainable production level of about 10.4 million barrels a day"

René Magritte does energy policy! Woot!

[TreasonousBastard]

6. I heard T. Boone Pickens say the same thing in...

an interview the other day.

When Pickens admits to Peak Oil, it's real.