I don’t think anybody really knows. My understanding is the problem is KSA reports unaudited reserve numbers, so you have to take them at their word. There’s a lot of skepticism because they would report unchanged reserve numbers for years despite high exploitation. While they can certainly discover new reserves, it seems unlikely it would consistently be about equal to what they pumped out. I’ve read some analysts think they have less than half of what they report.
I’ve been hearing it’s running out for over 30 years. Is it actually almost gone now?
I don’t think anybody really knows. My understanding is the problem is KSA reports unaudited reserve numbers, so you have to take them at their word. There’s a lot of skepticism because they would report unchanged reserve numbers for years despite high exploitation. While they can certainly discover new reserves, it seems unlikely it would consistently be about equal to what they pumped out. I’ve read some analysts think they have less than half of what they report.