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Alaska Beat

WikiLeaks: Peak oil in 2012?

  • Author: Craig Medred
  • Updated: July 6, 2016
  • Published February 9, 2011

According to the UK's The Guardian, in messages sent to a U.S. diplomat between 2007 and 2009, a senior Saudi government oil executive of the state monopoly Saudi Aramco warned that the country's remaining oil reserves are 40 percent lower than currently thought, and that the company would not be able to reach a target capacity of 12.5 million barrels per day, and would only be able to reach 12 million barrels per day within 10 years. And he said that by then, the so-called point of "peak oil," the as-yet theoretical point where worldwide demand for oil surpasses the ability of industry to produce it, will have already been reached in 2012. After that point, he wrote, Aramco wouldn't be able to drive world oil prices down with its production. Read much, much more, here.

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