Wednesday, 9 February 2011

Saudi oil reserves 40% below reported levels?

Story from wikileaks about how the Saudis may have over estimated their oil reserves by 40%. This is a huge deal, with huge implications and it fits with many other bits and pieces I have heard in the last couple of years. OPEC countries have their export quotas (not to mention their political level of importance) set in relation to their reserves and since these are state secrets, there is huge potential for mistakes and lies.

More than ever we need to reduce our oil dependence to get ahead of the inevitable price rises and shortages - not to mention environmental impacts.

http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

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