factor in supply side, US dollar declines and negative real rates. demand side doesn't always tell the tale
"World reserves are confused and in fact inflated. Many of the so called reserves are in fact resources. Theyâre not delineated, theyâre not accessible, theyâre not available for production" â Sadad Al-Husseini, former VP of Saudi Aramco, October 2007 I wonder who knows more about the oil industry you or someone who worked there all his life
your plane will have to slow down another 10 minutes..... now thats goign to really start pissing people off...
I wonder who has a vested interest to make such statements without once ever opening up their books for the world or any outsider to see?
you must have missed the former part, plus his statements(including that production already peaked) contradicts of the executives of Saudi Aramco themselves(who do have interests to protect)
...and that a country's share of OPEC output is regulated by the amount of their reserves. Which gives all OPEC countries a vested interest in INFLATING their reserves.