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Opinion
Javier Blas

Saudi Arabia Reveals Oil Output Is Near Its Ceiling

The world’s biggest crude producer has less capacity than previously anticipated. 

How much can Saudi Arabia pump?

How much can Saudi Arabia pump?

Photographer: Simon Dawson/Bloomberg

During US President Joseph Biden’s trip to Saudi Arabia, the world was so focused on how Crown Prince Mohammed bin Salman would respond to his plea to pump more oil immediately that it missed a bombshell: the level at which Saudi oil production will peak.

It’s a lot lower than many anticipated. It’s lower than the Saudis have ever intimated. And with the world still hungry for fossil fuels, it spells long-term trouble for the global economy.