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Saudi Arabia's declining oil output
The most important news today is from Saudi Arabia. Saudi Arabia's oil output is declining. Link to New York Times article.
An internal Saudi Aramco plan, the experts said, estimates total production capacity in 2011 at 10.15 million barrels a day, about the current capacity. But to meet expected world demand, the United States Department of Energy's research arm says Saudi Arabia will need to produce 13.6 million barrels a day by 2010 and 19.5 million barrels a day by 2020.
"In the past, the world has counted on Saudi Arabia," one senior Saudi oil executive said. "Now I don't see how long it can be maintained."
Soon the world will reach its peak of oil production. After that, the amount of oil produced by the world will decline every year. The problem is that the world is addicted to world oil output increasing every year. Oil prices will skyrocket once oil production begins declining.
posted Tuesday, February 24, 2004
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