trail we’re on today will make the housing bubble and our current debt crisislook and feel like schoolyard antics.In all seriousness the experts really don’t have a true picture of the“reserves” of that black stuff, where it is impossible to garner accuratefigures from the 12-member countries of the Organization of the PetroleumExporting Countries (“OPEC”) – where as part of their internal top secretagreements, they established a quota system 25-years-ago that plays willy-nilly with the numbers. Over the past decade or more all of the MiddleEastern Gulf countries have over-stated their reserves, causing its othermembers to follow suit.
Proven Oil Reserves -200980% of the World’s Proven Reserves are in OPEC countries, with 65% in theMiddle East
Why would they “stretch” the figures? Simple their oil production is basedon the number they report, of the actual reserves they’re pumping frombeneath the ground. Along this line observers outside of the sacred halls of OPEC agree that their numbers of overstated, this to insure, based on theirinternal quota system, that the bigger the reserves, the larger your quota.Although as a whole the world understands their overstatements, what can itdo, where with bigger reserves they become the world’s biggest drain on anygrowing economy, and smile all the way to the bank, or some other holewhere they stash their revenue.