05.10.2012 - Opec believed to overstate oil reserves by 70pct, reserves depleted sooner
Analysts at a New York-based research firm believes that the Organisation of the Petroleum Exporting Countriesí (Opecís) 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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