Saudi Arabia's oil a huge question

From the Saudi Arabian sands pour more than 9 million barrels of crude oil each day, more than 10% of the world's production. The Saudis say they are still committed to affordable, stable petroleum. But prices have roughly tripled in four years despite periodic Saudi announcements of plans to pump up production.

So when the Saudis a few weeks ago suddenly reversed field and announced a production cut, some analysts wondered if, at long last, Saudi Arabian oil production has peaked. Author Matthew Simmons says the Saudis may have reached "peak oil," the halfway point at which a nation's production crests and then inexorably starts to slip. If it has, the effect is potentially huge on oil markets and the price of gasoline at the pump.

(2006-07-24 19:23:15 SGT) [Energy] Permalink

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