Reserves in Saudi Arabia’s humongous Ghawar field which pumps roughly five million barrels of oil per day ( meeting 6 % of world demand) are declining 8 % a year in fact. Saudi oil production has been declining 8 % a year. Saudi oil production has been dropping since 2004.
Mexico’s big oil field Cantarell. peaked in 2004 , are slightly over two million barrels per day. Since then , its production is down to just 1.6 million barrels per day. In the next three years Cantareil will produce less than half a million barrels per day. Soon after that Mexico will have to start importing ooil.
The world consumes 173 billion barrels of oil per day - 14 Prudhoe Bays - every 2.4 years. The world will consume 10 % of the remaining conventional crude pol reserves .
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