Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 11, 2008 5:41:04 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Is Biggest Oilfield Running Dry?

Posted Sep 8, 07 4:00 AM CDT in Science & Health,  World 

(Newser) – The world’s most critical oil field might be nearing its end. Saudi Arabia, which accounts for 19% of all oil exports, doesn’t supply hard data about its production, but a little math sleuthing by a computer scientist shows the Ghawar reservoirs should be empty soon, the Atlantic reports.

The Saudis deny that their lodestone field—at 150 miles long, it accounts for more than half their oil—is aging, but overall numbers are declining and they’ve struck out widely in search of new sources to pump. The loss is particularly troubling because the Middle Eastern nation has historically spotted the world market in emergencies, tapping excess capacity to stem disruptions.

Source Atlantic Monthly

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Hey Saudis, Let the Women Play!

    Aug 14, 08 10:42 AM CDT
    Hey Saudis, Let the Women Play! The most beautiful sight in the Olympics' opening ceremony came when Egypt’s 26 female competitors strode into the stadium, writes Mona Eltahawy, an Egyptian Muslim, in the Washington Post. Women also carried flags for Bahrain and the United Arab Emirates, filling Eltahawy with pride. And then came Saudi Arabia—devoid of women, leading Eltahawy to think, "Yo, Saudi Arabia, how come there ain't no sisters on the team?" More »

  • OPEC Heads for Trillon-Dollar Payday

    Aug 11, 08 11:17 AM CDT
    OPEC Heads for Trillon-Dollar Payday OPEC nations have shattered records for income this year, earning as much money in the first 6 months of 2008 as they did in all of 2007, the Financial Times reports. The Saudi-led cartel of oil-exporting nations took home $645 billion in the first two quarters and is on course to pull in more than a trillion dollars by year's end.
    More »

  • Saudis May Boost Oil Supply Even Higher

    Jun 22, 08 4:11 PM CDT
    Saudis May Boost Oil Supply Even Higher A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices.
    "Saudi Arabia is prepared and willing to produce additional barrels of crude above and beyond the 9.7 million barrels per day," a Saudi minister said. More »

  • Saudis to Boost Oil Output to Record Level

    Jun 14, 08 6:14 AM CDT
    Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the long term by cutting economic growth and making alternative fuels more viable. More »

  • 'Super-Spike' Could Drive Oil to $200

    May 7, 08 8:35 AM CDT
    'Super-Spike' Could Drive Oil to $200 A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the Wall Street Journal. Crude sold for a record $121.84 yesterday, up 96% from a year ago. More »

An industrial plant strips natural gas from freshly pumped crude oil at Saudi Aramco's Shaybah oil field at Shaybah in Saudi Arabia's Rub al-Khali desert is shown in this March 8, 2004 file photo. Police...   (Associated Press)
Ghawar oil field, from which Saudi Arabia derives about half of its oil, must eventually run dry.   (Shutterstock.com)
While the Saudis don't release the official tally of barrels extracted, long-term views indicate a gradual decline over the past few years.   (Shutterstock.com)
« Prev« Prev | Next »Next » Slideshow
A corporate promotional video entitled "The Magic Shaybah Oil Field in Saudi Arabia"   (ArabSaram (YouTube))

« Prev« Prev | Next »Next »

Threads (
1
 of 2)

Tags

oil  • Middle East  • Saudi Arabia  • oil supply  • oil field


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other World Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »