Has Ghawar truly peaked?

Because the combination of the news that there’s no new Saudi Light
coming on stream for the next seven years plus the 27% projected
decline from existing fields means Hubbert’s Peak has arrived in
Saudi Arabia. The Kingdom’s decline rate will be among the world’s
fastest as this decade wanes. Most importantly, Hubbert’s Peak must
have arrived for Ghawar, the world’s biggest oilfield, and Wall Street’s
most-cited reason for assuring us month after month that oil prices
would plunge because there were so many billions of barrels of
readily-available crude overhanging the market.
Bank of Montreal