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.
I agree about getting out of debt and living a sustainable lifestyle but I'd be a little wary of predicting the peak just yet (in Saudi or worldwide).
My thoughts too. That the Saudi production decrease is for economic rather than technical reasons.