8% decline without any more infield extraction?  Sounds like a Hubbert Cliff to me.  Adding more infield extraction only TEMPORARILY SLOWS this 8% decline, then when these new infield wells water out in a relatively short timeframe, then aggregate yearly decline jumps to what:

10%,12%,15%,20% ???? --Oh crap!  And exports will decline even faster [Westexas & Khehab's theory]!

ARAMCO Quote:  "This maintain potential drilling in mature fields combined with a multitude of remedial actions and the development of new fields, with long plateau lives, lowers the composite decline rate of producing fields to around 2%," the spokesman said."

Even Alan Greenspan must be impressed with the carefully conceived 'mumbo-jumbo' in this statement.  Since when has any oilfield had a 'long plateau life'?-->Sorry, but the extraction profile follows a bell curve.  The overall Saudi decline rate might be 2% for one year, 4% the next, 6% for postpeak year three, year 4 = 8% [now back to pre-remedial aggregate], then getting progressively worse each year thereafter.  In short, M. Simmons's BIG STRAW THEORY being confirmed.

Shaw's Law: Fastest beer consumption/second occurs at the moment they fear the bartender will take it away from them at closing time.  An unfinished beer is a terrible thing to waste!

Bob Shaw in Phx,AZ  Are Humans Smarter than Yeast?