Basic Points an investment monthly put out by the Bank of Montreal's investment bank arm, Harris Nesbitt, argues the following:

Because the combination of the news that there's no new Saudi Light coming on stream for the next seven years plus the 27% projected decline from existing fields means Hubbert's Peak has arrived in Saudi Arabia. The Kingdom's decline rate will be among the world's fastest as this decade wanes. Most importantly, Hubbert's Peak must have arrived for Ghawar, the world's biggest oilfield, and Wall Street's most-cited reason for assuring us month after month that oil prices would plunge because there were so many billions of barrels of readily-available crude overhanging the market.

Full publication:
corporate.bmo.com/HarrisNesbitt/bresource/basicpoint/default.asp?id=4887
(PDF - 814KB)