The twilight of Saudi Arabia's oil miracle, if properly understood and managed, could become the dawn of a more enlightened and sustainable global society.
What peaking does mean, in energy terms, is that once you've peaked, further growth in supply, is over. Peaking is generally, also, a relatively quick transition to a relatively serious decline at least on a basin by basin basis. And the issue then, is the world's biggest serious question.
Once Saudi Arabia's oil output does start to fall, whenever that may happen, it will signal definitively that the world's oil supply has peaked... To ignore the risks posed by this event any longer is folly.
Ninety percent of all the oil that Saudi Arabia has ever produced has come from seven giant fields. All have now matured and grown old, but they still continue to provide around 90 percent of current Saudi oil output.
Fossil Fuel
