A Guardian report welcomes new discoveries of oil fields but argues that the problems of oil reserve depletion remain with us. "Three key concerns are the rapid rate at which existing oilfields are depleting, the length of time it takes to bring the increasingly rare finds of new giant oilfields on stream, and the inadequate levels of investment made by the oil industry – as a whole – in recent years." The author, Jeremy Leggett, suggests that we should have no more faith in the oil company assurances that all will be well than we should have had in the equally persuasive but entirely erroneous assurances of the financial experts that their obscure financial instruments were soundly-based means of wealth generation. To reach the forecast demand of 103 million barrels a day by 2030, " would require adding 64 million barrels a day of totally new production capacity within 22 years. That, the IEA points out, is six times the production of Saudi Arabia today."
Profile of Saudi Arabia
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