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Asia Times:
The Saudi oil bombshell
By Michael T Klare
"com" you had some comments about this awhile ago. What's your current view? But now, from an unexpected source, comes a devastating challenge to this powerful dogma: in a newly released book, investment banker Matthew R Simmons convincingly demonstrates that, far from being capable of increasing its output, Saudi Arabia is about to face the exhaustion of its giant fields and, in the relatively near future, will probably experience a sharp decline in output. "There is only a small probability that Saudi Arabia will ever deliver the quantities of petroleum that are assigned to it in all the major forecasts of world oil production and consumption," Simmons writes in Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy. "Saudi Arabian production," he adds, italicizing his claims to drive home his point, "is at or very near its peak sustainable volume ... and it is likely to go into decline in the very foreseeable future." ... Posted by: 3dc 2005-08-08 |
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