Going, Going, Ghawar

Bloomberg: The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed

When Saudi Aramco on Monday published its first ever profit figures since its nationalization nearly 40 years ago, it also lifted the veil of secrecy around its mega oil fields. The company’s bond prospectus revealed that Ghawar 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.

Who’s going to fill that imbalance???

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