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Page added on October 12, 2010
Iraq, Brazil allay peak-oil fears
Iraq says it has 25 per cent more proved oil reserves than the last time it looked. The revised estimate is 143bn barrels, the world’s third-largest after Saudi Arabia and Venezuela (excluding Canada’s oil sands). Iraq’s oil minister said there might be further upward revisions over time. Brazil says one of its recent discoveries could be 8bn barrels, twice as big as first estimated.
According to BP, global oil reserves were 1,333bn barrels at the end of 2009. That was 23 per cent higher than a decade earlier, despite consumption of 300bn barrels over the period.
2 Comments on "Iraq, Brazil allay peak-oil fears"
Zoli on Wed, 13th Oct 2010 4:04 am
This reminds me of my country of Birth Romania, in the 1980’s when food and industrial production was increasingly inflated on paper, as the system was nearing collapse. These paper reserves represent the same phenomena as far as I am concerned. The reality is that in the past decade the world produced and consumed roughly 300 billion barrels, and only found about 100 billion, yet the official global reserves increased. It did not take long in Romania to come to the conclusionh that the paper wheat harwest was not edible. I wonder how long it will take to realize that motor wehicles will not function on paper reserves.
EDpeak on Thu, 14th Oct 2010 5:46 am
Great comment, Zoli!