That's a very provocative theory. The timing sure seems right. I can think of any number of interested parties that would benefit from such a subterfuge. Hmmmm.

I put this in yesterday's drum beat.

http://www.theoildrum.com/node/2398#comment-172381

It's an idea I have had for a little while now.

.........

First, What would be the worlds reaction if Saudi Arabia has actually peaked? What would happen to the $USD ?

What would happen to the ruling princes in SA if everyone knew they were in decline? What country do you think they would "Visit" for an extended stay?

ALL VERY VERY HIGH STAKES GAMES wouldn't you agree?
What do you think the motivational factor would be for the US/Saudi Arabia to "Prolong" them NOT Peaking?

With that in mind, Lets look at these stories.

From Leanan's story above.

Mystery of the Missing Meters:
Accounting for Iraq's Oil Revenue

http://www.corpwatch.org/article.php?id=14427

Heavily armed soldiers spend their days at the oil terminals scanning the horizon looking for suicide bombers and stray fishing dhows (boats). Meanwhile, right under their noses, smugglers are suspected to be diverting an estimated billions of dollars worth of crude onto tankers because the oil metering system that is supposed monitor how much crude flows into and out of ABOT and KAAOT - has not worked since the March 2003 U.S. invasion of Iraq.

A few days ago there was a story in Drumbeat about a pipeline coming online between Iraq and Saudi Arabia.

Halliburton did all the pipeworks right?

Officials blame the four-year delay in repairing the relatively simple system on "security problems." Others point to the failed efforts of the two U.S. companies hired to repair the southern oil fields, fix the two terminals, and the meters: Halliburton of Houston, Texas, and Parsons of Pasadena, California.

...Rumors are rife among suspicious Iraqis about the failure to measure the oil flow. "Iraq is the victim of the biggest robbery of its oil production in modern history," blazed a March 2006 headline in Azzaman, Iraq's most widely read newspaper. A May 2006 study of oil production and export figures by Platt's Oilgram News, an industry magazine, showed that up to $3 billion a year is unaccounted for.

After the 2003 invasion, the meters appear to have been turned off and there have since been no reliable estimates of how much crude has been shipped from the southern oil fields

When the US went into Bagdad, all buildings were unsecured(musuems, public works, etc) but NOT the ministry of Oil. That building was secured day 1.

I believe No oil gets missing in southern Iraq with out US/Halliburton/Blackwater knowing about it and being in on the take.

If Iraq went up or down in production a few 100k NO ONE would notice and not lift an eyeball.

How about if 300k - 1 mil barrels sort of disappeared, givin the about article's info, would you believe it? How about if those barrels found their way into some 33 million barrel storage facility somewhere?

Someone could report higher or lower production at their descression a little bit more often.
How long could say you were cutting back, but still have inventory rising for a few weeks/months.

I put forth the possiblity of US/SA gaming the system of production reporting with a slush fund of 100k - 1mil barrels per day.

SA could look good for a lot longer perhaps?

Did anyone see the article of the pipeline between Iraq/SA a day or so ago?

I think they have peaked.

Anyway, I'll take off my tinfoil hat. Just a wild idea.