Saudi Arabia hits peak oil

From Zero Hedge

Electric Company Of Saudi Arabia Warns Country May Run Out Of Oil By 2030

Sometimes we wish the oil minister of former OPEC member Saudi Arabia (“we can supply any amount of oil”), Wikileaks (“Saudi Said To Have Overstated Crude Oil Reserves By 300 Billion Barrels or 40%“), and now Saudi Arabia’s very own electricity company would coordinate their story. In a little noticed comment by Abdel Salam al-Yamani, head of the Saudi Electricity Company, in Al Mashka, which so far has been captured by only El Economista magazine, has provided the most recent insider confirmation of peak oil: a very troubling development for those who still naively believe that Saudi Arabia has any marginal boosting capacity, or more importantly, is willing to risk pumping more than possible. Yet, caught between a revolutionary rock and various other cartel nut cases, Saudi will soon be forced to sell as much oil as it can in order to placate it increasingly angry population with ever greater and ever more frequent “gifts” buying the transitory admiration of its people.

Since the long term impacts of confirmed peak oil are rather obvious to everyone, we will merely recreate the relevant soundbites from El Economista:

The electricity company of Saudi Arabia has set off alarms to warn that oil in this country could be depleted by 2030 if left unchecked domestic consumption. According to a report of this company, it is estimated between 2.5 and 3.4 million barrels a day.

The report, published in the magazine Al Mashka of the company itself says that the increase in domestic consumption of oil is one of the main challenges facing the country, mainly because oil accounts for 80% of national income.

Abdel Salam al-Yamani, head of the Saudi Electricity Company also warned of the consequences for citizens to ignore the calls to save electricity and water, and has advised that they depend more on solar energy.

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