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Old 03-05-2011, 03:03 PM   #49 (permalink)
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Originally Posted by redneck View Post
Peak production perhaps, not peak oil.
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.
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