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Interesting to see the table of changing OPEC reserves over time, and the dramatic increases totalling around 300 billion barrels during the late 1980s.

Presumably much of this increase was a game aimed at maintaining production quotas within OPEC?

Is there a legitimate explanation for these seemingly competitive increases - or do these barrels not exist?

by Nick Oz on Sun Jul 9th, 2006 at 03:15:22 AM EST
They were indeed increased unilaterally to boost quotas. It is hard to know if there is a serious underlying reason for the increases and, in any case, the reserves have never been adjusted for actual production, which strongly suggests that the numbers have little relation to reality.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Sun Jul 9th, 2006 at 05:14:50 AM EST
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