Recently, Saudi Aramco, the world largest oil exporter, has acknowledged that Ghawar, the world largest oil field, is in decline. The news went mostly unnoticed except in the specialized media. OK, so the Saudi have a bit of bother, so what? In fact, this piece of news is extremely important. Previously the oil world had been led to believe that Ghawar was producing over 5 Million barrels/day (Mb/d).[1] As part of its fund-raising, Aramco has disclosed that it is in fact down to 3.8Mb/d. THE END OF THE OIL GIANTS: And What It Means GUEST POST: By Dr. Louis Arnoux The meaning of this news snippet takes a bit of explaining. What the specialized media did not emphasize is what follows: When giant oil fields go into decline, they usually decline abruptly. Ghawar’s decline is ominous. It was discovered in 1948 and until recently represented […]