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The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show
...the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.
...oil price has soared in recent weeks to more than $100 a barrel...Many analysts expect that the Saudis and their Opec cartel partners would pump more oil if rising prices threatened to choke off demand
Originally posted by starwarsisreal
But I thought Russia is the largest oil exporter? I mean I heard recently that Russia is now number one in producing oil
Originally posted by syncelebrity
reply to post by silent thunder
I thought it is venezuela now with the largest reserve?
Originally posted by silent thunder
WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices
Originally posted by fredgbear
reply to post by XPLodER
Best answer in this thread so far. It is all a scam to keep the corporations making all the money they can squeeze out of the people. Peak oil....what a joke.