Tue, Sep 2, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Categorized | Oil, Resources more

OPEC has probably deceived us about the size of its oil reserves

Posted on 11 September 2012

Has OPEC misled us about the size of its oil reserves? The short answer is probably. The long answer is that currently, there is no way to know for sure. The next question we should ask is: Does it matter? The answer is most definitely yes. OPEC, short for the Organization of Petroleum Exporting Countries, currently claims that its 12 members hold 81.3% of the world’s oil reserves.
And, with few exceptions the world believes them. Trouble is these reserves “are not verified by independent auditors,” according to a study (PDF) done by the U.S. Government Accountability Office, the nonpartisan investigative arm of the U.S. Congress. OPEC reserves are simply self-reported by each country. Essentially, OPEC’s members are asking us to take their word for it. But should we?……………………………………….Full Article: Source


 Article link

This post was written by:

VRS - who has written 36706 posts on Opalesque Commodities Briefing.


Contact the author

Comments are closed.

September 2014
S M T W T F S
« Aug    
 123456
78910111213
14151617181920
21222324252627
282930