I think the really big issue is that it is a stretch to classify NGL (mainly C2s, C3s, c4s, C5s, perhaps some C6+ ) as crude! They are obviously very different to a conventional crude such as Arab Light and of limited value for producing conventional refined fuels in existing facilities. They require either significant investments in GTLs or cars with a big trunk for the LPG cylinder and associated infrastructure.

I thought this peak oil stuff was about crude oil.

sot - some crudes have a significant intermediate fraction (c2 - c6), these are volitile oils. i havent seen a compositional analysis on ghawar, but i wouldnt be surprised if it has a significant fraction of intermediates.

The C1 to C5 content of a barrel of Arab Light is ~4wt%.

intermediate fraction (c2 -c6), by the reservoir engineering definition, refers to the composition of the reservoir fluid, not just the stock tank oil. we usually work with mole %, so i can't really relate to ~4 wt% c1 -c5.

the reason i suspect that ghawar may have a significant fraction of intermediate is based on the reported api gravity, gas/oil ratio and the reservoir temperature (~ 230 degrees F as far as i know).