Is Peak Oil finally here... ?

I'm not just guessing at the motives and thinking of OPEC members, but I have read that they are by and large pumping flat out. Independent oil analysts have reported on it. I don't have any proof for you, I regret, but I read it somewhere. If I find something definitive to that effect I'll post it.

 

I've read the same in various places. It is my understanding that the Saudis have been trying to bring enough production on line to keep up with demand and with their declining fields.

It's important to keep in mind that light sweet crude production continues to tumble and that will not change. Mideast crudes (as well as tar sands, etc.) are heavier and more sour and don't draw the same premium in prices. The Saudis like to say that there is no supply problem, because their crude is not completely tapped out (and they are continuing to bring more production on line), but that is a bit of word play because the crude that many western refiners really want/need is not the more sour and heavier Saudi crude.

Nobody knows for sure what is going on because of a lack of data transparency. There is no external auditing so even the most informed estimates are guesswork.

 

well the link that NeoPrius gave us in post 17 is a good a source as any:

 

Simmons' detailed report is something like 67 pages in pdf format. I was looking at it earlier to make sure I wasn't giving out bad info... link is here: http://www.simmonsco-intl.com/files/giantoilfields.pdf It is an eye opener for sure.