US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40% John Vidal, environment editor, guardian.co.UK, Tuesday 8 February 2011 The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by WikiLeaks, urge Washington to take seriously a warning. . . Continue
UK E.R.C.: cheap oil is at an end Warning over global oil decline 02:50 GMT, Thursday, 8 October 2009 03:50 UK, BBC News There is a “significant risk” that global production of conventional oil could “peak” and decline by 2020, a report has warned. The report’s authors also state that the 10 largest oil producing fields in the world are all in decline. The UK Energy Research Council study says. . . Continue
Feb 5, 2008 Today, state legislators listened to the dire warnings of an energy leader at the Minnesota State Capitol. The world’s oil reserves are drying up according to Matthew Simmons, an energy investment banker from Houston who has recently written a book on the subject. Simmons says oil production has already peaked and soon supply won’t be able to keep up with demand.
The world’s most essential oil field may be in decline. by James D. Hamilton, The Atlantic Running Dry No country is more important to oil markets than Saudi Arabia. The kingdom produced roughly 9.2 million barrels of crude a day in 2006, and accounted for 19 percent of world oil exports. Many analysts expect it to supply a quarter of the world’s added production over the next few years. And. . . Continue