Saudi supply demanding attention

“If you read carefully, a totally different picture emerges than you get by listening to people who say they have 260 billion barrels of reserves and, conservatively, they’ll get 70 to 80 percent recovery,” Simmons said, “which no else in the world has ever done.

“I think they’re on the last legs of easily recoverable oil, and they’ll end up with 35 to 45 percent recovery of original oil in place, just like the performance of other carbonate reservoirs,” he said.