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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:267,390 Joined:Dec 2008	Message Posted: Oct 9, 2012 11:07:01 PM Ignore carranco Report Abuse Ther're just guessing.
remay Champion Author Houston Posts:6,953 Points:2,114,690 Joined:May 2006	Message Posted: Oct 9, 2012 9:22:32 AM Ignore remay Report Abuse Shouldn't take long for traders to take advantage of THIS news...
DanMtz Champion Author Oakland Posts:3,340 Points:1,240,400 Joined:Oct 2009	Message Posted: Oct 9, 2012 8:43:44 AM Ignore DanMtz Report Abuse Shocking!
wally52 Champion Author Little Rock Posts:27,412 Points:811,585 Joined:Jan 2011	Message Posted: Oct 9, 2012 1:43:50 AM 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 11:52:10 PM Ignore spud5559 Report Abuse just too prove that new clean energy is the right way too go
ExplorerWA Champion Author Washington Posts:4,067 Points:794,325 Joined:Feb 2011	Message Posted: Oct 8, 2012 11:40:56 PM Ignore ExplorerWA Report Abuse 70 percent is a big spread.
Darwin00 All-Star Author Mississippi Posts:827 Points:267,845 Joined:Dec 2010	Message Posted: Oct 8, 2012 11:35:24 PM Ignore Darwin00 Report Abuse Switch to natural gas!
30mpg80 Champion Author Lexington Posts:10,007 Points:1,484,930 Joined:Nov 2008	Message Posted: Oct 8, 2012 11:31:36 PM Ignore 30mpg80 Report Abuse So these analysts who advise speculators are scaring them into buying more?
southrob Champion Author Tucson Posts:3,585 Points:685,150 Joined:Mar 2011	Message Posted: Oct 8, 2012 11:30:16 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 11:28:06 PM Ignore ortegs12009 Report Abuse blam
bonzoonfmb Champion Author Florida Posts:1,767 Points:641,660 Joined:Feb 2010	Message Posted: Oct 8, 2012 11:26:29 PM Ignore bonzoonfmb Report Abuse OPEC countries are running out of oil.
Spankster85 Champion Author Chicago Posts:1,714 Points:354,140 Joined:Nov 2011	Message Posted: Oct 8, 2012 11:26:01 PM Ignore Spankster85 Report Abuse Opec would never lie......
chillyman3 Champion Author Illinois Posts:1,355 Points:422,140 Joined:Jan 2012	Message Posted: Oct 8, 2012 11:25:27 PM Ignore chillyman3 Report Abuse Stop buying OPEC OIL
mysub Champion Author Las Vegas Posts:8,896 Points:2,327,540 Joined:Apr 2006	Message Posted: Oct 8, 2012 11:20:11 PM Ignore mysub Report Abuse No way. OPEC is untruthful?
boutmuet Champion Author Orange County Posts:3,596 Points:910,625 Joined:Apr 2009	Message Posted: Oct 8, 2012 11:20:11 PM Ignore boutmuet Report Abuse I thought this was pretty much common knowledge.
suzmar Champion Author Texas Posts:2,211 Points:870,220 Joined:Jun 2006	Message Posted: Oct 8, 2012 11:13:09 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:8,789 Points:1,840,525 Joined:Aug 2005	Message Posted: Oct 8, 2012 11:11:07 PM Ignore WIPACKERFAN Report Abuse We need to energy independent.
Marson Champion Author Scranton Posts:8,932 Points:2,075,235 Joined:Oct 2006	Message Posted: Oct 8, 2012 11:07:10 PM Ignore Marson Report Abuse Interesting.
Gurgle-Gurgle Rookie Author California Posts:78 Points:12,935 Joined:Feb 2012	Message Posted: Oct 8, 2012 11:07:05 PM Ignore Gurgle-Gurgle Report Abuse So what etc is new.
twinfanMN Champion Author Minnesota Posts:1,616 Points:453,215 Joined:Jun 2011	Message Posted: Oct 8, 2012 11:04:54 PM Ignore twinfanMN Report Abuse just making excuses to raise prices
grandamgt1 Champion Author Illinois Posts:2,331 Points:1,237,400 Joined:Apr 2008	Message Posted: Oct 8, 2012 11:04:45 PM Ignore grandamgt1 Report Abuse Why am I not surprised?
wayoung56 Champion Author Alabama Posts:2,790 Points:816,385 Joined:Oct 2006	Message Posted: Oct 8, 2012 11:02:50 PM Ignore wayoung56 Report Abuse Interesting article...
WIWalt Champion Author Wisconsin Posts:1,716 Points:412,845 Joined:Mar 2012	Message Posted: Oct 8, 2012 11:00:40 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:1,366 Points:252,310 Joined:Sep 2012	Message Posted: Oct 8, 2012 11:00:32 PM Ignore kassie1203 Report Abuse k
Quick68 Champion Author Columbus Posts:8,183 Points:1,222,875 Joined:Dec 2009	Message Posted: Oct 8, 2012 10:55:16 PM Ignore Quick68 Report Abuse This is the reason you don't believe no man.
Blue48 Champion Author Illinois Posts:7,295 Points:1,635,995 Joined:Feb 2007	Message Posted: Oct 8, 2012 10:53:48 PM Ignore Blue48 Report Abuse NOT A SHOCKER!
ramshot412 Champion Author Riverside Posts:20,137 Points:2,463,540 Joined:Apr 2004	Message Posted: Oct 8, 2012 10:53:32 PM Ignore ramshot412 Report Abuse OPEC overstates reserves?? And not the rest of the world???? LOL
Edamon Champion Author Montreal Posts:1,096 Points:630,500 Joined:May 2010	Message Posted: Oct 8, 2012 10:52:28 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:2,983 Points:459,505 Joined:Apr 2011	Message Posted: Oct 8, 2012 10:48:40 PM Ignore SandeeC Report Abuse Somehow I'm not surprised.....
Ebaz Champion Author Oklahoma City Posts:3,231 Points:712,385 Joined:Apr 2011	Message Posted: Oct 8, 2012 10:45:11 PM Ignore Ebaz Report Abuse Cheaters
300kmiles All-Star Author Orange County Posts:527 Points:415,580 Joined:Dec 2009	Message Posted: Oct 8, 2012 10:44:54 PM Ignore 300kmiles Report Abuse What???!
fenster66 Champion Author Pittsburgh Posts:3,335 Points:671,165 Joined:May 2011	Message Posted: Oct 8, 2012 10:44:17 PM Ignore fenster66 Report Abuse scaremongers at work...
kcboy Champion Author Utah Posts:3,958 Points:1,505,100 Joined:Jun 2005	Message Posted: Oct 8, 2012 10:43:40 PM Ignore kcboy Report Abuse ok
toadNY Champion Author Albany Posts:7,032 Points:1,511,200 Joined:Apr 2008	Message Posted: Oct 8, 2012 10:43:20 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:166,615 Joined:May 2012	Message Posted: Oct 8, 2012 10:40:45 PM Ignore suchont Report Abuse .
monarch57 Champion Author British Columbia Posts:1,623 Points:135,360 Joined:Nov 2008	Message Posted: Oct 8, 2012 10:39:36 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 10:39:01 PM Ignore hauler43 Report Abuse Is this another ploy too help speculators and oil companies keep high prices?
mstearno Champion Author Dayton Posts:8,053 Points:1,729,285 Joined:Jan 2008	Message Posted: Oct 8, 2012 10:36:23 PM Ignore mstearno Report Abuse it's a stinking guess
beale055 Champion Author Philadelphia Posts:1,292 Points:423,975 Joined:Jan 2012	Message Posted: Oct 8, 2012 10:35:28 PM Ignore beale055 Report Abuse idiots
TXHUNTER1 Champion Author Austin Posts:2,711 Points:294,510 Joined:Dec 2006	Message Posted: Oct 8, 2012 10:35:27 PM Ignore TXHUNTER1 Report Abuse NG.
beale055 Champion Author Philadelphia Posts:1,292 Points:423,975 Joined:Jan 2012	Message Posted: Oct 8, 2012 10:35:19 PM Ignore beale055 Report Abuse perfect
Tekkersmom57 Champion Author Syracuse Posts:1,864 Points:698,715 Joined:May 2010	Message Posted: Oct 8, 2012 10:35:10 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:5,564 Points:1,613,905 Joined:Sep 2005	Message Posted: Oct 8, 2012 10:29:59 PM Ignore Zeke33 Report Abuse Scare tactics to drive the price of oil even higher.
abcdMA Champion Author Worcester Posts:7,912 Points:1,573,030 Joined:Nov 2008	Message Posted: Oct 8, 2012 10:29:08 PM Ignore abcdMA Report Abuse Intersting
mconley1967 All-Star Author Louisville Posts:586 Points:357,980 Joined:Mar 2012	Message Posted: Oct 8, 2012 10:27:57 PM Ignore mconley1967 Report Abuse Ok
TheHermit Champion Author Maine Posts:3,404 Points:127,030 Joined:May 2012	Message Posted: Oct 8, 2012 10:27:14 PM Ignore TheHermit Report Abuse Well slap OPEC on the hand and move on
Runabout2 Veteran Author Grand Rapids Posts:378 Points:46,775 Joined:Jul 2007	Message Posted: Oct 8, 2012 10:26:43 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:7,417 Points:1,470,120 Joined:Oct 2008	Message Posted: Oct 8, 2012 10:25:52 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 10:24:35 PM Ignore mobil1MN Report Abuse ok
Beaveronparade Champion Author Hartford Posts:2,096 Points:632,270 Joined:Mar 2011	Message Posted: Oct 8, 2012 10:24:09 PM Ignore Beaveronparade Report Abuse It seems people rarely tell the truth anymore. Especially about things that are SO important!