<Friday open thread The Oil Drum What would we have predicted for Kuwait?>

67 comments on Oil Prices

Comments can no longer be added to this story.

| Show without comments | PDF version

Anonymoose on January 20, 2006 - 8:58pm Permalink | Subthread | Parent | Comments top
It is interesting in the graph that Iraq, followed by Kuwait are the first to bump their reserves numbers. Then those two are the same as each other in what, 1983? Then kuwait is better than Iraq from 1983 to what looks like 1989 when Iraq catches up again. Sometime around 1986-1988 it looks like UAE and Iran start going head to head with the original two, and then all four of them are close to each other the same for 7 years straight. Almost at the same time these 4 get to be each around the same level, and each of them at over half of Saudi Arabia. Then all of a sudden Saudi Arabia goes way up. Funny to me :)
Comments can no longer be added to this story.
Jack on January 21, 2006 - 3:19am Permalink | Subthread | Parent | Comments top
I believe it is broadly accepted the the increases in cited reserve numbers came about in anticipation of OPEC allocating production limits based on reserves in the mid-1980s. The convergence at 100 GB would seem to reflect a political driven negotiation to equalize production limits - not any kind of systematic reassessment of actual reserves.
Comments can no longer be added to this story.

67 comments on Oil Prices

Comments can no longer be added to this story.

| Show without comments | PDF version