Saudi oil output seen doubling by 2025 - EIA chief (US says no Peak Oil)

[Renew Deal]

Reuters, 04.14.04, 12:01 PM ET
By Tom Doggett

WASHINGTON (Reuters) - Saudi Arabia's oil production is far from peaking, and the kingdom's output will likely more than double over the next two decades, the head of the U.S. Energy Information Administration said on Wednesday.

Some oil industry analysts believe Saudi Arabia's oil fields are near their peak production and won't be able to supply the crude the world will need in the future.

Guy Caruso, who heads the Energy Department's analytical arm, said Saudi Arabia's current oil production capacity of 10.5 million barrels per day (bpd) will likely increase to 22 million bpd by the year 2025.

Speaking to reporters on the release of the EIA's long-term international energy forecast, Caruso said Saudi Arabia will be able to reach the 22 million bpd production level based on its current proven oil reserves of 264 billion barrels -- one-fourth of the world's total.
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http://www.forbes.com/business/newswire/2004/04/14/rtr1331881.html

[BlueEyedSon]

1. Pass that crack pipe over here.

LMFAO!!

[mike_c]

2. well damn, the USEIA says it so IT MUST BE TRUE!

Guess I'll be looking for a new SUV after all. Great news!

[Renew Deal]

4. lol

[Devils Advocate NZ]

3. Think about it this way:

If they suddenly switched to 22 million barrels per day right now, and have proven reserves of 264 billion barrels, then in a little over 32 years they will have no oil left.

So assuming more major finds aren't made, and if production increased at a steady rate to 22 million bpd by 2025, by 2057 one quarter of the worlds oil will be gone.

Does anyone think they are going to find a few hundred billion barrels of oil somehwere in the next 55 years?

[amandabeech]

5. Either this guy's on crack

or the people who gave him the stats are. I've read that in the Arab world, saving face is of the upmost importance, and that people often say outrageous things to save face. If this is true, then perhaps the Saudis are saving face. Either that or calming their citizens/subjects. I think that Matthew Simmons is much more credible.

[brokensymmetry]

6. They've got to say it.

Can you imagine the problems in the US if the masses actually believed in peak oil? SUV sales might go down! :evilgrin:

The Saudis have a bigger problem. What would they do if suddenly the flow of income declined...then stopped? Without oil they don't have much - and that might be just the push that would end the rule of the House of Saud.