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Oil reserves over-inflated by 300bn barrels – al-Huseini

[Excerpt]: The world’s proved reserves have been have been falsely puffed up by the inclusion of 300 billion barrels of speculative resources, according to the former head of exploration and production at Saudi Aramco, and this explains the industry’s inability to raise output despite soaring prices.

Sadad al-Huseini’s presentation to the Oil and Money conference in London went substantially as previewed by, but the analysis he delivered may also throw light on the infamous OPEC reserve additions of the 1980s...

Editorial Notes: Also see the compelling interview that David Strahan conducted yesterday with Sadad al-Huseini: Oil production has peaked, prices to soar - Sadad al-Huseini -BA

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