Just what are the true levels of oil reserves?

In a growing debate over data transparency some increasingly searching questions are being asked by energy industry analysts about the true level of world oil reserves and whether official and company statistics really stack up.

Recent claims suggest Kuwait’s oil reserves are far below the amount given with proven and non-proven crude reserves totalling more like 48 billion barrels than the officially stated 99 billion barrels.

One of the principal dilemmas seen in the oil market is obtaining accurate information and even basic statistics. A major reason for the scepticism results from OPEC’s decision to change to a system of production quotas in the 1980s that is based on the size of each member country’s reserves.

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