It sounds like Ruppert is jumping to conclusions when he says this is the onset of Peak Oil.

We don't know that.

He asserts that Saudi Arabia finally admitted to being unable to boost its production. Can I see a news link supporting that? As far as I remember they stubbornly claim ot be "on their way" to boost oil production to 12.5 mbpd.

I'm not saying he's wrong but without any proof it's basically his word against the Saudi minister's. And from the look of it, both desperately want us to believe in what they are saying.

I agree, where's a link to this "admission" on the part of Ali bin Ibrahim Al-Naimi? I will accept such a statement from no one else but him. Don't get me wrong (here's my TOD signature):

I love the Saudi Arabian Minister of Petroleum and Mineral Resources!