Leading energy analyst believes Saudi Arabia’s crude oil supply near peak; [View All]

[Oggy]

"Simmons hopes he’s wrong

Leading energy analyst believes Saudi Arabia’s crude oil supply near peak; calls for greater global reserve transparency to anticipate ‘cataclysm’

F. Jay Schempf

Petroleum News Contributing Writer (Houston)


Matt Simmons hopes he is wrong.

But if he’s right in his belief that Saudi Arabia’s giant oil fields might already have peaked and could start into rapid decline in as few as three years, somebody better have a “Plan B” ready or there’s no way, he says — absolutely no way — to avoid a world energy cataclysm.

Pretty strong words. Stronger, perhaps, than any uttered before about energy. Simmons spoke them, and more, at a July 9 Washington, D.C., presentation made at a meeting on Saudi Arabia’s future. The Hudson Institute sponsored the meeting.

Simmons asked for anybody, including the Saudis themselves, to refute his claim. But so far, in his view, nobody’s stepped up. He acknowledges, however, that the Saudis recently have been more forthcoming about their ability to supply all the extra oil the world will require from Saudi fields. But still, it appears that nobody is willing to counter his specific charges."

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IMHO the next 5 years may be interesting to say the least!