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Opec believed to overstate oil reserves by 70%

Mining Weekly -- Analysts at a New York-based research firm believe 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.

Researchers said the known oil reserves of Opec members would be depleted much sooner than thought, owing to many of the member countries producing much more oil than what they could sustain over the long term.

Oil, gas and mining analyst Rick Nariani said Opec’s stated reserves sk

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Submitted Oct 08, 2012 By: bar1035

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carranco Champion Author Georgia Posts:1,027 Points:269,765 Joined:Dec 2008	Message Posted: Oct 9, 2012 8:07:01 PM Ignore carranco Report Abuse Ther're just guessing.
remay Champion Author Houston Posts:6,973 Points:2,119,340 Joined:May 2006	Message Posted: Oct 9, 2012 6:22:32 AM Ignore remay Report Abuse Shouldn't take long for traders to take advantage of THIS news...
DanMtz Champion Author Oakland Posts:3,360 Points:1,244,300 Joined:Oct 2009	Message Posted: Oct 9, 2012 5:43:44 AM Ignore DanMtz Report Abuse Shocking!
wally52 Champion Author Little Rock Posts:27,483 Points:816,460 Joined:Jan 2011	Message Posted: Oct 8, 2012 10:43:50 PM Ignore wally52 Report Abuse Switch to NG now.
spud5559 Veteran Author Yakima Posts:287 Points:85,465 Joined:Jul 2012	Message Posted: Oct 8, 2012 8:52:10 PM Ignore spud5559 Report Abuse just too prove that new clean energy is the right way too go
ExplorerWA Champion Author Washington Posts:4,088 Points:799,100 Joined:Feb 2011	Message Posted: Oct 8, 2012 8:40:56 PM Ignore ExplorerWA Report Abuse 70 percent is a big spread.
Darwin00 All-Star Author Mississippi Posts:830 Points:271,905 Joined:Dec 2010	Message Posted: Oct 8, 2012 8:35:24 PM Ignore Darwin00 Report Abuse Switch to natural gas!
30mpg80 Champion Author Lexington Posts:10,050 Points:1,489,805 Joined:Nov 2008	Message Posted: Oct 8, 2012 8:31:36 PM Ignore 30mpg80 Report Abuse So these analysts who advise speculators are scaring them into buying more?
southrob Champion Author Tucson Posts:3,605 Points:689,150 Joined:Mar 2011	Message Posted: Oct 8, 2012 8:30:16 PM Ignore southrob Report Abuse not a surprise and as far as depletion goes that is bunk
ortegs12009 Champion Author California Posts:1,250 Points:706,150 Joined:Jun 2009	Message Posted: Oct 8, 2012 8:28:06 PM Ignore ortegs12009 Report Abuse blam
bonzoonfmb Champion Author Florida Posts:1,792 Points:646,535 Joined:Feb 2010	Message Posted: Oct 8, 2012 8:26:29 PM Ignore bonzoonfmb Report Abuse OPEC countries are running out of oil.
Spankster85 Champion Author Chicago Posts:1,734 Points:358,790 Joined:Nov 2011	Message Posted: Oct 8, 2012 8:26:01 PM Ignore Spankster85 Report Abuse Opec would never lie......
chillyman3 Champion Author Illinois Posts:1,355 Points:425,890 Joined:Jan 2012	Message Posted: Oct 8, 2012 8:25:27 PM Ignore chillyman3 Report Abuse Stop buying OPEC OIL
mysub Champion Author Las Vegas Posts:8,921 Points:2,332,415 Joined:Apr 2006	Message Posted: Oct 8, 2012 8:20:11 PM Ignore mysub Report Abuse No way. OPEC is untruthful?
boutmuet Champion Author Orange County Posts:3,599 Points:913,910 Joined:Apr 2009	Message Posted: Oct 8, 2012 8:20:11 PM Ignore boutmuet Report Abuse I thought this was pretty much common knowledge.
suzmar Champion Author Texas Posts:2,212 Points:873,340 Joined:Jun 2006	Message Posted: Oct 8, 2012 8:13:09 PM Ignore suzmar Report Abuse We have been hearing about depletion since the 1970's, while OPEC may be declining there are plenty of new finds.
WIPACKERFAN Champion Author Chicago Posts:8,814 Points:1,845,400 Joined:Aug 2005	Message Posted: Oct 8, 2012 8:11:07 PM Ignore WIPACKERFAN Report Abuse We need to energy independent.
Marson Champion Author Scranton Posts:8,957 Points:2,080,110 Joined:Oct 2006	Message Posted: Oct 8, 2012 8:07:10 PM Ignore Marson Report Abuse Interesting.
Gurgle-Gurgle Rookie Author California Posts:78 Points:12,935 Joined:Feb 2012	Message Posted: Oct 8, 2012 8:07:05 PM Ignore Gurgle-Gurgle Report Abuse So what etc is new.
twinfanMN Champion Author Minnesota Posts:1,629 Points:457,100 Joined:Jun 2011	Message Posted: Oct 8, 2012 8:04:54 PM Ignore twinfanMN Report Abuse just making excuses to raise prices
grandamgt1 Champion Author Illinois Posts:2,356 Points:1,242,275 Joined:Apr 2008	Message Posted: Oct 8, 2012 8:04:45 PM Ignore grandamgt1 Report Abuse Why am I not surprised?
wayoung56 Champion Author Alabama Posts:2,810 Points:820,285 Joined:Oct 2006	Message Posted: Oct 8, 2012 8:02:50 PM Ignore wayoung56 Report Abuse Interesting article...
WIWalt Champion Author Wisconsin Posts:1,736 Points:416,745 Joined:Mar 2012	Message Posted: Oct 8, 2012 8:00:40 PM Ignore WIWalt Report Abuse The price of bicycles will be going up better get one now! No one will be able to use their automobiles due to no gas
kassie1203 Champion Author California Posts:1,388 Points:256,170 Joined:Sep 2012	Message Posted: Oct 8, 2012 8:00:32 PM Ignore kassie1203 Report Abuse k
Quick68 Champion Author Columbus Posts:8,238 Points:1,227,750 Joined:Dec 2009	Message Posted: Oct 8, 2012 7:55:16 PM Ignore Quick68 Report Abuse This is the reason you don't believe no man.
Blue48 Champion Author Illinois Posts:7,315 Points:1,639,895 Joined:Feb 2007	Message Posted: Oct 8, 2012 7:53:48 PM Ignore Blue48 Report Abuse NOT A SHOCKER!
ramshot412 Champion Author Riverside Posts:20,165 Points:2,468,415 Joined:Apr 2004	Message Posted: Oct 8, 2012 7:53:32 PM Ignore ramshot412 Report Abuse OPEC overstates reserves?? And not the rest of the world???? LOL
Edamon Champion Author Montreal Posts:1,098 Points:634,765 Joined:May 2010	Message Posted: Oct 8, 2012 7:52:28 PM Ignore Edamon Report Abuse ho ho, oil price will be up tomorrow, they find a good reason for it
SandeeC Champion Author Ontario Posts:2,998 Points:461,230 Joined:Apr 2011	Message Posted: Oct 8, 2012 7:48:40 PM Ignore SandeeC Report Abuse Somehow I'm not surprised.....
Ebaz Champion Author Oklahoma City Posts:3,256 Points:717,260 Joined:Apr 2011	Message Posted: Oct 8, 2012 7:45:11 PM Ignore Ebaz Report Abuse Cheaters
300kmiles All-Star Author Orange County Posts:529 Points:416,020 Joined:Dec 2009	Message Posted: Oct 8, 2012 7:44:54 PM Ignore 300kmiles Report Abuse What???!
fenster66 Champion Author Pittsburgh Posts:3,360 Points:676,040 Joined:May 2011	Message Posted: Oct 8, 2012 7:44:17 PM Ignore fenster66 Report Abuse scaremongers at work...
kcboy Champion Author Utah Posts:3,978 Points:1,509,750 Joined:Jun 2005	Message Posted: Oct 8, 2012 7:43:40 PM Ignore kcboy Report Abuse ok
toadNY Champion Author Albany Posts:7,052 Points:1,515,100 Joined:Apr 2008	Message Posted: Oct 8, 2012 7:43:20 PM Ignore toadNY Report Abuse Its a good thing we have over 100 years of oil in the US, too bad we have you cant drill for it nobama!
suchont Veteran Author Los Angeles Posts:308 Points:166,715 Joined:May 2012	Message Posted: Oct 8, 2012 7:40:45 PM Ignore suchont Report Abuse .
monarch57 Champion Author British Columbia Posts:1,629 Points:135,780 Joined:Nov 2008	Message Posted: Oct 8, 2012 7:39:36 PM Ignore monarch57 Report Abuse Oil companies are a bunch of losers they sould all be locked up for grand theft.
hauler43 Champion Author Oakland Posts:8,158 Points:2,597,750 Joined:Sep 2003	Message Posted: Oct 8, 2012 7:39:01 PM Ignore hauler43 Report Abuse Is this another ploy too help speculators and oil companies keep high prices?
mstearno Champion Author Dayton Posts:8,075 Points:1,733,165 Joined:Jan 2008	Message Posted: Oct 8, 2012 7:36:23 PM Ignore mstearno Report Abuse it's a stinking guess
beale055 Champion Author Philadelphia Posts:1,292 Points:427,725 Joined:Jan 2012	Message Posted: Oct 8, 2012 7:35:28 PM Ignore beale055 Report Abuse idiots
TXHUNTER1 Champion Author Austin Posts:2,711 Points:295,435 Joined:Dec 2006	Message Posted: Oct 8, 2012 7:35:27 PM Ignore TXHUNTER1 Report Abuse NG.
beale055 Champion Author Philadelphia Posts:1,292 Points:427,725 Joined:Jan 2012	Message Posted: Oct 8, 2012 7:35:19 PM Ignore beale055 Report Abuse perfect
Tekkersmom57 Champion Author Syracuse Posts:1,884 Points:702,165 Joined:May 2010	Message Posted: Oct 8, 2012 7:35:10 PM Ignore Tekkersmom57 Report Abuse Funny comment, Runabout2! There always seems to be something in print to spook someone, so that oil will be quickly purchased on paper mind you, not an actual delivery and then sold to make mucho dollars.
Zeke33 Champion Author New Hampshire Posts:5,577 Points:1,617,715 Joined:Sep 2005	Message Posted: Oct 8, 2012 7:29:59 PM Ignore Zeke33 Report Abuse Scare tactics to drive the price of oil even higher.
abcdMA Champion Author Worcester Posts:7,932 Points:1,576,930 Joined:Nov 2008	Message Posted: Oct 8, 2012 7:29:08 PM Ignore abcdMA Report Abuse Intersting
mconley1967 All-Star Author Louisville Posts:586 Points:360,980 Joined:Mar 2012	Message Posted: Oct 8, 2012 7:27:57 PM Ignore mconley1967 Report Abuse Ok
TheHermit Champion Author Maine Posts:3,404 Points:128,230 Joined:May 2012	Message Posted: Oct 8, 2012 7:27:14 PM Ignore TheHermit Report Abuse Well slap OPEC on the hand and move on
Runabout2 Veteran Author Grand Rapids Posts:385 Points:47,290 Joined:Jul 2007	Message Posted: Oct 8, 2012 7:26:43 PM Ignore Runabout2 Report Abuse Here we go again ! Lets put a rumor out there to cover our butts so we can raise the price of gasoline ! This is all BS and who ever wrote this article is a flat AS$ lier just trying to keep the price of crude up !
NorthglennBill Champion Author Denver Posts:7,432 Points:1,473,895 Joined:Oct 2008	Message Posted: Oct 8, 2012 7:25:52 PM Ignore NorthglennBill Report Abuse Even more reason to switch to CNG for our vehicles now.
mobil1MN All-Star Author Minnesota Posts:664 Points:1,294,635 Joined:Sep 2007	Message Posted: Oct 8, 2012 7:24:35 PM Ignore mobil1MN Report Abuse ok
Beaveronparade Champion Author Hartford Posts:2,108 Points:636,785 Joined:Mar 2011	Message Posted: Oct 8, 2012 7:24:09 PM Ignore Beaveronparade Report Abuse It seems people rarely tell the truth anymore. Especially about things that are SO important!