World Oil production has been essentially flat for a year and a half now. While some of this is due to disruptions in Iraq, Nigeria and the Gulf of Mexico, much of it is due to the declining production in major oil fields. Both Mexico and Kuwait have announced that their largest fields have gone into decline, and it is widely rumored that Saudi Arabia’s biggest field is now in decline.
Fortunately, our mild winter helped us get by without serious disruptions, but this cannot hold the problem at bay forever.
