A OPEC report confirms that Saudi Arabia is running out of oil.
A major Saudi Arabia oil company has set off alarms to warn that oil in the country will be depleted by 2013 based on current worldwide consumption.
The report, published in the magazine Al Mashka says that the increase in worldwide consumption (particularly by China) is one of the main challenges facing the country, mainly because oil accounts for 80% of national income.
Abdel Salem al-Barani, head of the Saudi Oil Company company also warned of the consequences for citizens of the world to ignore the calls to save electricity, and has advised that they depend more on solar energy and windmills.
Wikileaks documents have indicated that Saudi Arabia’s reserves have been wildly overestimated.
The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 1,000 barrels – nearly 70%.
The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their OPEC cartel partners would pump more oil if rising prices threatened to choke off demand.
Earlier today, with OPEC refusing, to raise official production rate, Saudi Arabia decided to boost production on its own – which will cause them to run out oil even faster.
Even though Saudi Arabia is boosting production, they are considering drastically lowering production so that they can make their oil supply last longer. But, either way, the days of wealthy Saudi Arabian princes are coming to an end.