Saudi Arabia Oil Production in Decline!

[earthside]

Saudi Arabia Oil Production in Decline!

DAVOS: Oil Price May Leap In Fragile Mkt -IEA Economist

By Adam Smallman

Of DOW JONES NEWSWIRES

... Concern That Saudi Arabia Must Run To Stay Still

But Saudi Arabia faced a serious longer-term issue. Birol said an executive at the state-run oil company Saudi Aramco (C.SOI) said at a petroleum conference in December that in order to simply maintain, let alone expand, the country's 10 million b/d of capacity, it had to increase output by 600,000-800,000 b/d "because there's a significant decline there."

"The decline rate (in Saudi Arabia) is a major issue and we're very happy to see Saudi Aramco confirm this reality," Birol said.

Asked why he felt the Kingdom was being sluggish on using and expanding its capacity, Birol said it wasn't a problem for it to achieve this but "they just need to put the money there." ...

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[Nlighten1]

1. Better start selling those Hummers!