Now the market finally knows: Ghawar in Saudi Arabia, the world's largest conventional oil field, can produce a lot less than almost anyone believed. READ MORE:* Saudi Arabia has more oil than the world may ever need* Bad news on the horizon for motorists as world oil prices perk up* Taranaki business leader urges government to 'work with us' over oil and gasJohn Moore/AP Production at Saudi oil fields is declining. The prospectus offered no information about why Ghawar can produce today a quarter less than 15 years ago - a significant reduction for any oil field. While the prospectus confirmed the overall maximum production capacity, the split among fields is different to what the market had assumed. Saudi Arabia briefly pumped a record of more than 11 million barrels a day in late 2018.

Source: Stuff April 02, 2019 22:52 UTC