Saudi Arabia’s oil production peaked in 2005
I was reporting last week that non-OPEC oil production peaked in 2004 and Russia – the world’s second largest exporter – peaked in 2008. The situation was already quite serious.
Yesterday the Oil Drum published an article stating that the world’s first oil producer saw it’s production peak in 2005 with 9.6 million barrels/day. Last year it was of 9.3 million. It is due to reach 8.5 next year.
Even if this is not much of a problem right now as the demand decreased due to the economic recession, it may be one after if we don’t act now massively on conservation.