[Peakoil-announce] Saudi oil production in decline says major bank

[Alex P]

If oil production declines in Saudi Arabia's biggest field then the world 
is in decline. Once other mainstream outlets start repeating this the 
financial markets will probably react badly.

Quote:

Speculation over the actual size of Saudi Arabia's oil reserves is reaching 
fever pitch as a major bank says the kingdom's - and the world's - biggest 
field, Gharwar, is in irreversible decline.

The Bank of Montreal's analyst Don Coxe, working from their Chicago office, 
is the first mainstream number-cruncher to say that Gharwar's days are 
fated. 

Coxe uses the phrase 'Hubbert's Peak' to describe the situation. This 
refers to the seminal geologist M King Hubbert, who predicted the 
unavoidable decline of oilfields back in the 1950s.

http://fromthewilderness.com/free/ww3/041305_world_stories.shtml#0

Alex P


Canberra Oil Awareness Meetup
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