Global stock markets have begun to decline this past week yet the biggest economic news of recent times has yet to hit the mainstream, Saudi Arabian oil output has declined by eight percent in the last year, despite a massive increase in their hiring of oil rigs. They are drilling as fast as they can but output is falling.
Indonesia is now a net oil importer and Australia wont be far behind, Russia, Venezuela and Iran are past peak, Mexico's Cantarell field is declining at 15%, Nigeria and Iraq are so unstable they are untouchable and the North Sea fields are crashing.
Peak oil is no longer a theory and an economic depression is a certainty, get out of debt and downsize your lifestyle while the economy is still functioning
The Oil Drum