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In Service of the Wild
Post Carbon Fellows Tom Whipple and David Hughes were both quoted in this feature piece on peak oil in AlJazeera.
From the article:
OPEC, which currently has 12 member countries, established a quota system 25 years ago, so that the size of a country's oil production quota was based on the size of its reserves.
This caused most Gulf countries to announce that their reserves were much larger than previously, and other OPEC members followed suit, according to Tom Whipple, an energy expert and former CIA analyst...
Hence, the leading OPEC countries, which account for two-thirds of the world's oil reserves, have all passed their peak production points.
"Even Saudi [Arabia] peaked in 2005," added Hughes, "What that tells you is their rate of production is a lot more important than what they report as their reserves. How can you produce nearly 100bn barrels, like Saudi, and your reserves don't change at all?"
Demand for oil is forecast to increase dramatically in coming decades Hughes then added what he feels is the bottom-line.
"It's likely those reserves are far lower than they are reporting."...
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