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Opec believed to overstate oil reserves by 70pct, reserves depleted sooner

Posted on 05 October 2012

Analysts at a New York-based research firm believes that the Organisation of the Petroleum Exporting Countries’ (Opec’s) global oil reserve statements could be inflated by as much as 70%.
Global oil prices are expected to dramatically spike from the end of the decade as a result of depletion, and continue to dramatically rise into the future as a result of oil-producing countries being unable to replace reserves fast enough, research specialist Lux Research analysts told Mining Weekly Online on Thursday………………………………………..Full Article: Source


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