Why we need Wikileaks for the oil industry (via the genius of Resource Insights):
"Many of these [OPEC] countries say that a detailed audit of their fields by independent observers is out of the question because oil reserves are a state secret...Are there reasons to believe that if we saw this data it would contradict the official overall number provided by some countries? In a word, yes."
And case in point:
"The United Arab Emirates has been reporting 97.8 billion barrels of oil reserves every year since 1997."
"Many of these [OPEC] countries say that a detailed audit of their fields by independent observers is out of the question because oil reserves are a state secret...Are there reasons to believe that if we saw this data it would contradict the official overall number provided by some countries? In a word, yes."
And case in point:
"The United Arab Emirates has been reporting 97.8 billion barrels of oil reserves every year since 1997."
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