In 2004, Saudi Arabia and the other Persian Gulf countries were producing near their historic peaks of the early 1980s, and for the first time in decades they were down to roughly a million barrels per day of spare capacity. Although some new oil fields came on line in late 2005 and others are planned in 2007, some analysts doubt the region's ability to continually boost production. Some of the largest oil fields in the Persian Gulf are more than 30 years old, and no independent verification of their claimed oil reserves has been permitted for decades.
These developments suggest that the relatively stable oil prices of the 1990s are not likely to reappear anytime soon. PFC Energy, a Washington-based forecasting group that has carefully analyzed global reserve figures, concluded in 2005 that world oil production might be unable to meet projected demaind as early as the middle of the next decade. PFC projects that globabl production will peak in the next 10-15 years.
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Fossil Fuel
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