Saudi's To Allow Maxiumum Production  

Land of Black Gold makes the interesting observation that the Saudi's are now saying the OPEC production quote doesn't matter any more - they will pump as much as they can. Indonesia has also given up on OPEC quotas and may become an observer in future.

Maybe the global Hubbert's Peak is here now (as this echoes the TRC giving up on its quota system in the US in the 1970's). Then again, maybe Iran (and Iraq, if the locals would stop blowing up pipelines) still have some swing production capacity - not that it makes much difference in the long run.

Ali Naimi, Saudi Arabia's oil minister, also said the kingdom had tossed aside its production cap set by the Organization of Petroleum Exporting Countries and is willing to sell its customers every barrel of oil they want, up to its current capacity of 11 million barrels a day.

The guys at "The Oil Drum" also have some interesting comments on "The meaning of the Saudi oil mix" which would seem to corroborate the view that the Saudi's are working hard to pump as fast as they currently are.

Technorati tags: peak oil