Saudi's Admit Peak Production?
Posted by Max Dunn Tue, 04 Mar 2008 04:02:00 GMT
Last weekend, the Saudi Oil Minister, Ali al-Naimi said, “From now there’s a line below which prices won’t fall.” Further, he added that the Saudis have no plans to expand oil production beyond the 12.5 million barrels per day it hopes to have by 2009.
This statement could be the first real admission by the Saudis that they can’t pump as much extra oil as they previously claimed, and a real sign that they have reached, or are close to, peak production.
I have read somewhere that the oil in the middle east is about to run out. this is why they are choosing to not overproduce so that they would not run out of resources quickly.