Quote:
Originally Posted by redneck
Peak production perhaps, not peak oil.
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I'd be curious to know, though, exactly how peak production is defined, and why the Saudis especially are producing much less than their peak. Seems like peak can be defined two ways:
1) The amount of oil they can actually pump out of the ground & ship;
2) The amount of oil the pumps &c are theoretically capable of pumping.
If it's #1, then the Saudis could produce more oil, and we have to wonder why they're not, when everyone else is running close to capacity. If it's #2, then they're sucking the wells dry, and can't really produce more even though they theoretically have capacity.