Why isn’t Saudi oil production decline headline news

More confirming reports are out that Saudi oil production has been down for a couple of months, while their orders of new drilling rigs have been going through the roof. A completely unscientific poll of my reasonably well-informed friends and acquaintances reveals that nobody has heard of this. This isn’t proof of peak production, but it seems rather ominous. This series seems at least as worthy of headline attention and anticipation as the federal reserve interest rates and George Bush’s poll numbers.

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