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I think Venezuela's going in the shitter

Posted by GliderGuider (A) on March 11, 2007 at 19:07:22

In Reply to: So wat do you think's gonna happen in the socialist nirvanna posted by Road Warrior on March 11, 2007 at 17:26:07:

but I don't think the failure of the workers' paradise is going to be anything except a convenient excuse. Seen what's happening to Saudi Arabia? The North Sea? The United States? Kuwait? Global Crude & Condensate production is still declining from its peak in May 2005. The lack of private investment is just a smokescreen being used to cover up the inexorable decline of production world-wide.

I'd be interested in your take on this analysis of KSA that concludes that their recent 8% per annum decline in production is not due to voluntary cutbacks, but rather to geological circumstances. The obvious effect of Haradh III production on their overall numbers for me is a smoking gun: Saudi Arabia is past their peak. Others in the subsequent thread disagree, but I don't find their arguments persuasive. Perhaps you could bring your experience to bear on the disagreement.

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