The likes of ASPO and Matt Simmons have been warning that Saudi cannot be depended on to meet the shortfall in world oil demands for much longer. Now a front page article in The Telegraph quotes the latest analysis by industry experts that predict Saudi will cease to export oil by 2030.
Until now Saudi has constantly increased production as other major wells in other oil producing states have matured and then peaked. In recent years much of the extra oil was not the sweat light crude that everyone wants… but heavier low grade oil that requires more costly refinement. Clearly the signs have been there for all to see.
No wonder then that recent announcements from the Kingdom regarding massive rollouts of solar PV and even nuclear power plant.
As Matt Simmons says… when Saudi oil production peaks, the worldwide production of oil will have peaked. Expect $500/barrel oil anytime soon.