UK Channel 4 News: Oil supplies ‘over-estimated’

Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”.

http://www.channel4.com/news/2004/10/week_5/26_oil.html

Sadad Al Husseini has just retired as vice-president of the Saudi oil company Aramco.

His comments could have a significant impact on a jittery oil market which has seen the price of a barrel of crude rocket to record levels over recent weeks.

…

Al-Husseini has just retired as Head of Exploration at Aramco and he told us in a rare interview, that estimates of future global supplies from the EIA, the US government’s energy think tank, are simply too high.

He also said he didn’t see a price move below $50 a barrel any time soon.

Full text: http://www.channel4.com/news/2004/10/week_5/26_oil.html