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13 Apr 2005 HEADLINE


SYNOPSIS: Speculation over the actual size of Saudi Arabia's oil reserves is reaching fever pitch as a major bank says the kingdom's...and the world's... biggest field, Gharwar, is in irreversible decline.

Source: Al Jazeera/Qatar
Class: SYNDICATED NEWS

Bank of Montreal Reports Largest Saudi Oil Field Now In Decline

The Bank of Montreal's analyst Don Coxe, working from their Chicago office, is the first mainstream number-cruncher to say that Gharwar's days are fated.

Coxe uses the phrase 'Hubbert's Peak' to describe the situation. This refers to the seminal geologist M King Hubbert, who predicted the unavoidable decline of oilfields back in the 1950s.

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