Further Saudi Arabia Discussions
And the rest of North Ghawar might not be too far behind... Bob Shaw found this picture here:
The temptation to publish all this gorgeous reservoir simulation porn has just been overwhelming to Aramco's engineers I guess...
This post is a place to continue the Saudi Arabia discussion. To keep the ball rolling, I've extended a couple of my graphs. The above graph is the production data, with all series extended back to January 1995, or as far back as they are available online. I've also added a fifth series from the Oil and Gas Journal. Plotted on the picture is Saudi Arabia's OPEC oil quota.
I showed production against the quota since some folks have been suggesting that perhaps the recent declines represent Saudi Arabia's attempt to return to quota. Here's a production index constructed from the five series, together with quota (and rig count at top).
I don't find the "return to quota" explanation very appealing, since the decline begins over a year before quota starts to drop, when prices were rising, and the index has now gone below quota despite continued fairly high prices. But another few months of data should say a lot more.