Global Oil Reserves ‘Exaggerated by 1/3’

Upstreamonline.com, the international gas & oil newspaper, carries a report today from Oxford scientist Sir David King today that global oil reserves have been exaggerated by 33% because OPEC nations wanted to be competitive in the global market during the 1980s. Sir David asserts that global reserves should be recalculated down from 1.35 trillion barrels to around 850 billion barrels, and that we will begin to see demand outstrip supply as early as 2014.

The report adds that this overestimation has been an open secret for years. Read more here.

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