Reply #53: Thank you, loindelrio, a wonderfully concise explanation

[jmcgowanjm]

When Ghawar peaks (Ghawar is the largest oil field ever
found) Saudi Arabia peaks and when Saudi Arabia peaks
the whole World peaks.

http://www.gold-eagle.com/editorials_04/hommelberg120404.html

OPEC says they will raise production 500000 bbls
per day.

A field discovery that produces 500000 bbls per
day would make you president of the company
that discovered it.

There are four oil fields in the world which produce over
one million barrels per day. Ghawar, which produces 4.5
million barrels per day, Cantarell in Mexico, which
produces nearly 2 million barrels per day, Burgan in
Kuwait which produces 1 million barrels per day and Da Qing
in China which produces 1 million barrels per
day.

Cantarell and Da Qing are declining. I don't believe anything
Kuwait says. They've been stealing Iraq oil
since 1989 and calling it theirs. That leaves
Ghawar. And the faster its pumped the more damage
is caused, stranding more oil in the ground.

http://www.scoop.co.nz/stories/HL0408/S00157.htm