The giant Cantarell oil field, the world's eighth largest will be dead by the end of next year. Output peaked in 2004/2005 at around 2.2 million barrels a day (mbd) but will be well below the 0.5 mpd predicted by the end of 2009 - and extrapolating its apparently linear decline, it will be around zero by the end of 2010. Cantarell was a late field, since it was discovered in 1976, by which time there was a host of new technology available to make sure it kept pumping out oil, and by pressurizing the field, oil was pumped out at around 2 mbd for several years, when without this help a field would normally be expected to fall into decline.
However, a well only has so much oil to begin with and the faster this is recovered the quicker it becomes exhausted. It is likely therefore that the depletion side of Hubbert's peak will be a far steeper decline than the incline that rose to it, for many fields around the world, and it is debatable just how much recoverable oil there is all told. It has been suggested that the use of enhanced recovery techniques - i.e. pumping millions of barrels of seawater per day into e.g. the Ghawar field in Saudi Arabia has damaged the geological structure, meaning that less of its oil will ultimately be recovered.
Added to that it is debatable how much oil there was in Ghawar or in that region in general since the figures have been described as a "state secret". I have talked before   on the subject of oil reserves and there may well be more than is typically accounted for. However, the limiting factor in avoiding an oil gap is how much can be recovered of a required quality (heavy or light; sour or sweet) in competition with the prevailing demand for it. The recession has put on hold many new oil recovery projects and the consequences of this will be brought forth as the world economy begins to smile once more. It will be a short-lived expression, however, as without enough oil there is no economic growth possible, but rathermore a terminal decline of all of the economy that is underpinned by oil, and that includes pretty much everything, even producing food.
The world's biggest, the Ghawar field is estimated  as having 66 - 100 billion barrels [Gb = Giga barrels] left which is around 2 - 3 years worth for the entire world. I doubt it will be evenly distributed though in the final analysis nor will any of the world's remaining oil for that matter, and even the putative 2250 Gb  world total is highly misleading since there is a tendency to simply divide it by 30 billion barrels a year or some projection of up to 40 billion barrels a year based on economic growth models and say, "we have decades worth of oil left so don't worry." We do have decades worth of oil left but we won't be able to pull it out fast enough to match such colossal demands and the oil peak is just that "a peak" beyond which decline in oil on the world markets is a matter of simple definition.
Even in its heyday of 2.2 mbd or 800 million barrels a year the Cantarell complex amounted to under 3% of present world oil consumption. Put thus it doesn't seem a big deal, except to the poor Mexican economy which depends considerably on its oil revenue from Cantarell. The Mexican people will undoubtedly suffer, as will we all since the decline of Cantarell is just what is happening elsewhere, and almost all of the giant fields which together account for 65% of the world's remaining oil have already encountered their production peak. In effect, world oil production has peaked or is so close to doing so that it is a matter of mere semantics to talk otherwise.
Meanwhile I am researching Forest Gardens and Permaculture, since without oil and such alternative means to grow food, especially in a country like Britain which imports 40% its food as carried-in by oil-based transport - and relies on oil to farm the rest of it, we are going to starve.