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Why oil reserve numbers are falsified

It is not news that countries manipulate oil reserve numbers. Oil-price.net has an article on the motives for doing this.

Note the quote about the extent to which the reserves are over-estimated:

Dr. Samsam Bakhtiari, then a senior expert of the (NIOC) National Iranian Oil Company said that the oil reserves in the Middle-East were “about half, or even less than what the respective national governments claim”.

No serious analysis can possibly rely on the estimates produced by the governments of oil producing nations.

Good reasons to invest in high cost oil production, and alternative energy, as well as in oil itself.

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