MORE! Forecast of Rising Oil Demand Challenges Tired Saudi Fields

[earthside]

New York Times - February 24, 2004

Forecast of Rising Oil Demand Challenges Tired Saudi Fields

When visitors tour the headquarters of Saudi Arabia's oil empire — a sleek glass building rising from the desert in Dhahran near the Persian Gulf — they are reminded of its mission in a film projected on a giant screen. "We supply what the world demands every day," it declares.

For decades, that has largely been true. Ever since its rich reserves were discovered more than a half-century ago, Saudi Arabia has pumped the oil needed to keep pace with rising needs, becoming the mainstay of the global energy markets.

But the country's oil fields now are in decline, prompting industry and government officials to raise serious questions about whether the kingdom will be able to satisfy the world's thirst for oil in coming years.

Energy forecasts call for Saudi Arabia to almost double its output in the next decade and after. Oil executives and government officials in the United States and Saudi Arabia, however, say capacity will probably stall near current levels, potentially creating a significant gap in the global energy supply. ...

http://www.nytimes.com/2004/02/24/business/24OIL.html?ex=1078203600&en=bc7d7425bb64c8cd&ei=5062&partner=GOOGLE


Hear Matt Saviner of the web site: Life After the Oil Crash http://www.lifeaftertheoilcrash.net/

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http://www.coasttocoastam.com/

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[sendero]

1. You wanna know...

... why gas is going up so fast? I can't help but think that the people who are watching this realize production is downhill from here.

And those whose fields are starting to wane are going to try to get top dollar for the remaining oil.

I suspect we are due for an "oil shock" that makes the early 70's look like a picnic.

[kskiska]

2. Jimmy Carter warned this would come

back in the 70s.

[Moderator]

3. earthside

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