Has Peak Oil Arrived?
On July 4, Saudi Arabia's King Abdullah attended a cabinet meeting and then responded to a Zawya Dow Jones Newswires reporter's question about what transpired: "I told them that I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors, God willing."
The rest of the newswire item goes on to quote from unnamed Saudi oil sources that the king didn't mean a halt to exploration, but that he simply wanted the country to be more judicious in its exploration. Other sources chimed in that Saudi Arabia is committed to its role of ensuring the world has enough oil to meet its needs. In other words, everyone was spinning the king's statement.
When I covered the oil market as a beat reporter for Dow Jones in the late 1990s and into the start of the last decade, the delicate dance of OPEC and Saudi Arabia regarding the image of oil availability became clear to me.
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