by Matthew R. Simmons
Chairman and CEO
Simmons & Company International

In February, one of the more remarkable events in a remarkable industry took place as senior figures in Saudi Arabia's energy administration appeared before a group of industry experts gathered in Washington, D.C., to defend their country's petroleum policies and assure the world that there is no impending crude oil shortage.

The Saudis were moved to appear before the Center for Strategic and International Studies after I posed a very serious question: is Saudi oil production near its peak? That question was framed in an extensive study I conducted and supplied to the Saudis prior to presenting it on February 24 before the Center. It also anchors a book that I will soon publish.

In response, the Saudis sent Mahmoud Abdul-Baqi, vice president of exploration for the Saudi national oil company, Aramco, and Dr. Nansen Saleri, manager of Aramco's reservoir management, to present the Arabian case. The fact that Aramco would send such talented and experienced oilmen to address my question demonstrates, in my opinion, that the Saudis' commitment to their stated goal of being the world's most dependable and conscientious supplier of crude oil is genuine.

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