Saudi Aramco crude oil production dropped 1.7% in 2006

Saudi Aramco's annual production of crude oil dropped 1.7% to 3.253 billion barrels (8.9 million barrels per day) in 2006 from 3.309 billion barrels in 2005 (9.1 million barrels per day), according to the company's Annual Review for 2006. Natural gas production increased 4.5%, however, from 7.871 billion SCF daily in 2005 to 8.224 billion SCF daily in 2006.

- What do you definitely get less of from old, declining oil fields? You definitely get less oil (of course). And what do you probably get more of from old, declining oil fields? You probably get more gas. From a peakoiler's point of view, this is ominous.

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