The Oil Drum | Saudi Arabia's Crude Oil Reserves Propaganda

108 comments on Saudi Arabia's Crude Oil Reserves Propaganda

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westexas on March 4, 2008 - 11:14am

Saudi Aramco is not the lone ranger in the propaganda department. I frequently cite the example of the Texas State Geologist, who asserted in 2005 that while Texas may not be able to match its 1972 peak production rate, it could, with the use of better technology, significantly increase its production.

As I have noted several times, it may be a coincidence, but Saudi Arabia has shown two years of annual production declines at about the same stage of depletion at which the prior swing producer, Texas, started declining (based on HL models).

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memmel on March 4, 2008 - 12:03pm

The US has also steadily increased reserves since the 1980's citing primarly technology leading to better recoveries.

I don't think that Saudis are the only ones playing this game. Depending on how you count it the majority of the remaining reserves right now come from reserve growth.

Certainly its a complex subject and determining if reserve growth is justified has to be handled on a field by field basis. But if the Saudis are guilty of massive inflation for reserves then most of the world is also guilty.

Saudi reserve growth curves actually map quit well to those of other regions and or consistent with the rest of industry. If your serious about pointing fingers then we need to look at everyone.

Once you start questioning reserve growth you realize that the majority of the barrels added to reserves since the 1980's are probably made of paper.

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108 comments on Saudi Arabia's Crude Oil Reserves Propaganda

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