Or already passed, if one considers wikileaks. This article from the guardian discusses how Saudi, the world's largest crude oil exporter, may have overestimated their reserves by around 40%.
What would happen to the Gulf states if the peak oi has indeed already passed? Revolutions? How would the economy survive?
http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks
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