Any projections in the industry showing how many years of that level of production the Saudis could have left? At some point they have to hit a steep decline.
“At some point they have to hit a steep decline.”
I have mixed feelings, but if I look on the bright side, we’ll be using our own oil 50-100 years from now when lots of others have used theirs up.
That, like all the rest of us, would be hugely based upon price and future technology, along with competition from other sources.
I don’t expect significant changes in the next couple decades, because I expect demand to be large enough to keep prices high enough...
Saudi has spent significant money on production of quite expensive heavy oil to keep up their production rates. If they had an abundance of the cheap stuff, I don’t think they would do that.