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By Gail Tverberg

06 December, 2011
ASPO-USA

http://countercurrents.org/tverberg061211.htm

Saudi Arabia recently announced that it had halted a $100 billion oil production expansion plan to raise capacity to 15 million barrels a day by 2020. At this point, the country claims to have capacity of 12 million barrels a day. What does this mean for its future? Let’s take a look behind the figures.

The figure shows that Saudi Arabia has not been increasing its production for many years. At the same time, the country’s oil consumption has been rising rapidly. The combination means that oil exports have already started declining.

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