Markets
The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
- Ghawar can pump 3.8 million barrels a day, less than expected
- Bond prospectus give details of the kingdom’s largest fields
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It was a state secret and the source of a kingdom’s riches. It was so important that U.S. military planners once debated how to seize it by force. For oil traders, it was a source of endless speculation.
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.