The experts in the world oil industry assume Saudi Arabia's oil fields are near their peak production now
The experts in the world oil industry assume Saudi Arabia's oil fields are near their peak production now, and in the future won't be able to cover the world demand.
Saudi Arabia's oil output will likely more than double over the next two decades.
Guy Caruso, who heads the Energy Department's analytical arm, said Saudi Arabia's current oil production capacity of 10.5 million bpd will likely increase to 22 million bpd by the year 2025.
Commenting the experts? prognosis, Caruso pledged that Saudi Arabia will be able to reach the 22 million bpd production level based on its current proven oil reserves of 264 billion barrels -- one-fourth of the world's total.
"The existing (Saudi) resource base, crude reserves...are sufficient to get to this production capacity," Caruso said.
Saudi officials have said their country's oil production will not decline any time soon, and that they expect the kingdom's recoverable oil reserves to actually increase over the next two decades.
