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The OPEC figures are about 28 billion barrels higher than previous estimates.
At $81 a barrel, about what oil was trading at early Monday, the added reserves would be worth about $2.27 trillion.
I find it hard to believe it is just coincidence.
Originally posted by insite
Oil demand from emerging markets is out-pacing the supply/exploration/production of new wells.
It doesn't matter how much oil is left, if it remains untapped/unreachable and production cannot keep up, the price will rise accordingly regardless of whether or not oil actually exists.