That output would be enough to put Rumaila in second place worldwide after Saudi Arabia's Ghawar.

FORBES: Reserves

The plans come as no surprise from the Saudis, given Ghawar was discovered in 1948.

FORBES: The Truth Behind Saudi Arabia's Spare Capacity

For one thing, the nightmare scenario of Ghawar suddenly peaking is not as grim as it first seems.

ECONOMIST: Why the world is not about to run out of oil

There has been no information, however, contradicting his assertion that the massive Ghawar field could soon see declining production.

FORBES: Petroleum Balance

Or perhaps it is struggling to raise production, as a result of the declining fecundity of its (and the world's) biggest field, Ghawar.

ECONOMIST: Oil prices

The Saudis have already produced the amount of oil from Ghawar that was predicted to be economically producible when the Western Oil Companies were still involved.

FORBES: Why I think Saudi Oil Production is now at Capacity

But, still, that is really the best estimate that we have, and it shows that Ghawar should be starting a pretty rapid decline, right about now.

FORBES: Why I think Saudi Oil Production is now at Capacity

Since 2004 Saudi Aramco has been fighting declining oil output from megafields like 70-billion-barrel Ghawar by doubling the number of drilling rigs to 120 this year.

FORBES: Oil Gleaners

Add to this the work of Matthew Simmons, who in his 2005 book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, analyzed papers presented at Petroleum Engineering conferences, and concluded that the super-giant Ghawar field would soon enter a period of decline.

FORBES: Why I think Saudi Oil Production is now at Capacity