WikiLeaks - Saudi government oil executive says crude oil reserves overstated nearly 40%.

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posted on Feb, 9 2011 @ 08:19 AM
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Has Saudi Arabia (along with the rest of OPEC) been overstating the amount of oil they have on reserve? This really isn't a surprise when you look at the fact that their oil reserve estimates have been flat since the sudden jump in the 80s despite that they pump out millions of barrels of oil a day out of the ground. Perhaps now we're starting to see a glimpse of reality.



WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.

Husseini said that ...... the Saudi energy industry had overstated its recoverable reserves to spur foreign investment.

www.guardian.co.uk...


Of course all of this is a big "duh! no-brainer to those that have been keeping up with the reports of the late Matthew Simmons. His book "Twilight in the Desert" explains in great detail all of these issues and is very telling. Matthew Simmons mysteriously died in an "accidental drowning" death last year. Let's hope that Mr. Husseini doesn't manage to drown in a hot tub as well after this wire has been exposed on WikiLeaks.

Middle East Proven Oil Reserve Estimates.


*Image from discussion on The Oil Drum
edit on 9-2-2011 by dbates because: Added image




posted on Feb, 9 2011 @ 08:54 AM
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That would explain the motivation to drill in the gulf of Mexico despite all the risks. And two wars... and etc...

We should not underestimate the role that oil has on our lifestyle. The TPTB doesn't and I'm also sure that they know how easy a riot can start and expand, not forgetting the possibility of chaotic corruption.

This cable only represents the diplomatic/official side of the issue. It just confirms what some agencies knew well before and gives an idea of the kind of motivation behind the decisions and events of the last 20-30yrs. Of course, money is always a part of it, and to make more, the price of the ressources must stay low.



posted on Feb, 9 2011 @ 11:50 AM
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This is the article I saw on the story. This is huge news, or it should be.

news.yahoo.com...


The latest startling revelation to come via documents leaked to Julian Assange's muckraking website and published by The Guardian is should give pause to every suburban SUV-driver: U.S. officials think Saudi Arabia is overpromising on its capacity to supply oil to a fuel-thirsty world. That sets up a scenario, the documents show, whereby the Saudis could dramatically underdeliver on output by as soon as next year, sending fuel prices soaring.


This last line really stands out.

"the Saudis could dramatically underdeliver on output by as soon as next year, sending fuel prices soaring."

From everything I have read, the Saudis are about to enter into a steep decline in oil production.

Being that this old news is actually being published, it looks like people are starting to wake up to the reality.

This is a huge global game changer. The global economy will have to completely change. Shipping overseas goods is going to get a lot more expensive. Global food supplies are going to have to go through major changes.

The U.S. needs to wake up soon, and start rebuilding its infrastructure for a post oil economy.



posted on Feb, 9 2011 @ 12:03 PM
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They want fuel prices to soar because the dollar keeps tanking thanks to the treasury injecting 600 billion a month from the printing presses into the stock market to inflate it. Oil is only traded in dollars so they are losing money so the only way to make it up is to raise prices. More of the master plan. Get oil trading off the dollar and destroy it so a one world currency is implemented.



posted on Feb, 9 2011 @ 01:15 PM
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reply to post by HoldTheBeans
 


Yeah, sure, oil will never run out, never mind they have been pumping salt water into Saudi wells for over a decade now. Never mind that oil is running out as predicted.

And the oil never ran out in Texas either, those wells are filling up with ambiotic oil as we speak.



posted on Feb, 9 2011 @ 02:38 PM
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So we're out of oil? I guess I better invest in some horsies.



posted on Feb, 9 2011 @ 03:12 PM
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whats the big deal when we have- www.gizmag.com...

does anybody know if the blokes still alive
edit on 9/2/11 by WHOS READY because: (no reason given)



posted on Feb, 9 2011 @ 05:21 PM
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reply to post by WHOS READY
 


The good thing is that a lot technology that has been suppressed can now start to find a voice.

The alternatives are out there, we just need to change our system to adapt.



posted on Feb, 9 2011 @ 08:01 PM
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Originally posted by Vio1ion
That would explain the motivation to drill in the gulf of Mexico despite all the risks. And two wars... and etc...

We should not underestimate the role that oil has on our lifestyle. The TPTB doesn't and I'm also sure that they know how easy a riot can start and expand, not forgetting the possibility of chaotic corruption.

what you haven't stated is that we are only
stuck on oil cuz they won't roll out that
new technology of free energy.

Folks will only get the free energy
when they sign their soul away to
the NWO. And I do NOT intend to
do that.

we have the tech to run our current vehicles
on tap water out of your garden hose but
TPTB can't make a killing off of it so they come
arrest the local mechanic that installs those
lil $200 conversion kits on ur vehicles and
takes away his license to operate and fines
him into bankruptcy. Quite a nice lil present
for somebody trying to help mankind ween
themselves off fossil fuels. Oh and the patents
for this technology are stopped and confiscated
so investors won't invest into private engineers.
TPTB are covering all the angles.

And with all the tech of free energy we have,
they still insist on driving the new green cars
into the new electric age which still runs off
something that is NOT free so they are still
making money whether it be through oil or
electricity. It is a system of control.
One I hope we break free of soon.

And chemtrails out there cloud up the skies
to render your solar panels useless so you
spend more in electricity.

Welcome to the Matrix !!!



posted on Feb, 9 2011 @ 08:09 PM
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I actually already posted this, but it's fine if you wanna keep this one. Seems to have picked up speed anyway



posted on Feb, 20 2011 @ 12:32 PM
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We're going to be heading for a disaster in 2014 (sorry for those 2012 hopefuls) with the production of oil and cost in the U.S. You can expect to be paying at least $5 per gallon and this is going to lead to a huge shift in wealth because U.S. policy is going to change to encourage drilling EVERYWHERE in U.S. based territories. You can take that to the bank.

The secondary extraction methods for oil are also changing and clearing hurdles with environmentalists -- just like magic!






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