Expert says Saudi oil may have peaked
"If Saudi Arabia have damaged their fields, accidentally or not, by overproducing them, then we may have already passed peak oil. Iran has certainly peaked, there is no way on Earth they can ever get back to their production of six million barrels per day (mbpd)."
I love the ebb and flow of predictions as we skittish up to the peak. I tend to look at what Matt Simmons says favorably - he is miscast as a Republican in that he speaks the truth unto power. Plus, he is an acknowledged expert in his field of energy investment, unlike the likes of me.
Saudi is the big one. Keep watching the numbers. I'll do my best to keep everyone up to speed. At some point, they are going to start dumping tar on the market where sweet crude used to exist. Straw can be spun into gold, but the EROEI can be a bear.
With Saudi at their current capacity, the oil markets are tight. When Saudi falls off the table, the fear and loathing begin.
Several people are commenting on this story today -The Correction, Lowem, and at Resource Insights there is some additional info and analysis of Matt Simmons predictions.