That's what I've read, too.
Ghawar, The world's largest oil field is pumping something like 30% water.

Just Last night I started reading Simmon's book, "Twilight in the Desert, the coming Saudi oil shock". This book made the best seller list when it came out in 2005. It's very well researched.
To date I have read, "The End of Oil" as well as Heinberg's, "The Party's Over". Heinberg is the most pessimistic and his book is downright depressing, but I can't argue very much with the most important points of his thesis (although I believe his politics are a bit to the Left of my own).

The most compelling thing about these books is that they are all written circa 2003-4-5 and they make some short term predictions as well as long term predictions. So far, just a few years since their publishing, their short term predictions have been right on the money; $100/brl oil prices, energy price driven economic slowdowns, etc. It looks like we're entering a recession for '08 brought on by the tag team of major oil price spike and credit market meltdown.

I work in a scientific research institution. We study biological systems and evolutionary biology. Heinberg's ecology based thesis of population boom and bust has a lot of resonance here with my own understanding of population systems and their energy dynamics.