After Saudi Aramco tells the truth, the other OPEC members can do the same as it is highly likely that they have also artificially inflated their remaining recoverable crude oil reserves from 1980 to 1990 and continue to hold these reserves artificially high without making sufficient new discoveries. Full Story »
Posted by Mike LaBonte
Oil industry experts have long suspected -- and mostly privately, accused Saudi Arabia of greatly overstating its reserves. Because of the secretiveness of the House of Saud, however, there is little insider information that leaks out. This story uses industry standards to analyze what is likely to be the case in Saudi Arabia, although the analogy to Nazi methods of propaganda is overdone.
This unfairly overplays the Hitler/propaganda card, but the data is good. Nicely organized. This is loaded with charts and links. Figure 9 is particularly good at explaining the main point.
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