Kuwait's oil reserves may only be half of those claimed in the official reports. Why isn't the media covering this important story?
LONDON, Jan 20 (Reuters) - London Brent crude futures rose $2 on Friday to its highest level since early September after a report that Kuwait's oil reserves are only half those officially stated.
How long before the Saudis and other major oil suppliers admit that their reserves are grossly exaggerated?
Maybe this is why oil production has leveled off over the past year?
You can find more information on this breaking story here http://today.reuters.com/business/newsarticle.aspx?type=tnBusinessNews&storyID=nL20548125&imageid=&cap. You are probably right about the saudies making a similar adjustment. Peak Oil is here.
Posted by: AA | January 21, 2006 at 02:11 PM