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Oil reserves - Wikipedia, the free encyclopedia

There are doubts about the reliability of official OPEC reserves estimates, which are not provided with any form of audit or verification that meet external reporting standards.[19]

Since a system of country production quotas was introduced in the 1980s, partly based on reserves levels, there have been dramatic increases in reported reserves among Opec producers. In 1983, Kuwait increased its proven reserves from 67 Gbbl (10.7×10^9 m3) to 92 Gbbl (14.6×10^9 m3). In 1985-86, the UAE almost tripled its reserves from 33 Gbbl (5.2×10^9 m3) to 97 Gbbl (15.4×10^9 m3). Saudi Arabia raised its reported reserve number in 1988 by 50%. In 2001-02, Iran raised its proven reserves by some 30% to 130 Gbbl (21×10^9 m3), which advanced it to second place in reserves and ahead of Iraq. Iran denied accusations of a political motive behind the readjustment, attributing the increase instead to a combination of new discoveries and improved recovery. No details were offered of how any of the upgrades were arrived at.[19][20]

The following table illustrates these rises.

And OPEC has more then half of the world's estimated reserves. So yeah, any number is a stab in the dark.

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by A swedish kind of death on Tue Aug 4th, 2009 at 04:27:14 PM EST
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