It was a state secret and the source of a kingdom’s riches. It was so important that US military planners once debated how to seize it by force. For oil traders, it was a source of endless speculation. Now the market finally knows: in Saudi Arabia, the world’s largest conventional oil field, can produce a lot less than almost anyone believed. When on Monday published its first ever profit figures since its nationalization nearly 40 years ago, it also lifted the veil of secrecy around its The company’s bond prospectus revealed that is able to pump a maximum of 3.8 million barrels a day — well below the more than 5 million that had become conventional wisdom in the market. “As Saudi’s largest field, a surprisingly low production capacity figure from is the stand-out of the report,” said Virendra Chauhan, head of upstream at consultant in Singapore. The Energy […]