The Oil Drum | DrumBeat: July 5, 2006

133 comments on DrumBeat: July 5, 2006

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Euan Mearns on July 5, 2006 - 10:08am

Maybe they meant to say "oil prices rise as Kuwait considers a 50% cut in production".

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Euan Mearns on July 5, 2006 - 11:03am

I forgot to add that oil prices actually fell in London this morning.
4 July, 9 am Brent August contract was $73.49
5 July, 9 am Brent August contract was $72.97

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Darwinian on July 5, 2006 - 11:19am

Because they do have an elected parliament they can demand the truth, as opposed to Saudi Arabia who is not the least bit concerned with the truth.

But if the truth ever is revealed by Kuwait, this will hopefully, cast a shadow of doubt about the rest of Middle East reserves. Then, then, then perhaps a little common sense will seep through the thick skulls of all those cornucopians who see no peak in sight.

The controversy led veteran Kuwaiti lawmaker Ahmad Al Saadun to demand that the government reveal what he calls "the truth" about the emirate's oil reserves. "This raises justified and legitimate concerns that these reserves could be depleted in a very short duration on the basis of current production figures," Al Saadun, a three-time former speaker, said in a question sent to the energy minister in March.
"We must know the full truth on the proven and non-proven reserves and other data regarding the oil wealth," Al Saadun said. The MP has not yet received an answer.

http://www.itp.net/business/news/details.php?id=21237&category=
(Same link as above)

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westexas on July 5, 2006 - 5:34pm

In regard to the Kuwaiti story, note that the lower estimate of remaining recoverable reserves is a close fit to Stuart's HL estimate.

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133 comments on DrumBeat: July 5, 2006

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