Analyst warns of Saudi oil dropoff

Simmons said prolific Saudi oil fields show signs of peaking and then gradually declining. Simmons, chief executive of Houston-based energy investment banker Simmons & Co. International, spoke to the Desk & Derrick Club of Denver, a petroleum trade association.
“They’re taking the last of the easy oil out,” Simmons said of Saudi oil producers. “They’ve had very little success in new exploration. Their sweet spots are probably very nearly depleted.”

Denver Post