ME's oil reserves surge 68 billion barrel over past 5 years

[SaraDinar]

ME's oil reserves surge 68 billion barrel over past 5 years
MENAFN - 27/01/2006

(MENAFN) A new report by the Energy Information Administration (EIA) of the US Department of Energy, showed that the Middle East's proven oil reserves have surged by nearly 68 billion barrels over the past five years although the region has pumped in excess of 35 billion barrels to the global market, Khaleej Times reported.

The report showed that recoverable crude oil resources in the Arab region and Iran peaked at nearly 743.1 billion barrels by the beginning of 2006 compared with 675.6 billion barrels at the end of 2000.

The reserves at the start of 2006 accounted for nearly 57.5 per cent of the world's total extractable oil potential of around 1.29 trillion barrels.

Most of the Arab proven oil deposits are concentrated in the Gulf, mainly in the UAE, Kuwait, Saudi Arabia, Iraq and Qatar.

http://www.menafn.com/qn_news_story_...storyid=123321

[MEALTICKET]

Could this be why we are not seeing the huge surge in gasoline and it's nearly Feb.

Somewhere there is some oil pumping!

[LongShot]

So what is al the doom and gloom about "Peak Oil" I keep seeing people post elsewhere. I assumed it was propoghanda am I correct in that assumption. Sorry if this is a stupid question I am only trying to learn.

[REITman]

So what is al the doom and gloom about "Peak Oil" I keep seeing people post elsewhere. I assumed it was propoghanda am I correct in that assumption.

I think you're correct.

This article from 1/22/06 says Kuwait's reserves are half of what they state.

“PIW learns from sources that Kuwait’s actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 per cent of the global total, are a good deal lower, according to internal Kuwaiti records,” the weekly PIW reported on Friday.

It said that according to data circulated in Kuwait Oil Co (KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait’s remaining proven and non-proven oil reserves are about 48 billion barrels."

http://www.khaleejtimes.com/DisplayA...=business&col=

5 days later...

This one from 1/27/06 says Mideast oil reserves surge 68 million barrels and this includes Kuwait.

(MENAFN) ""A new report by the Energy Information Administration (EIA) of the US Department of Energy, showed that the Middle East's proven oil reserves have surged by nearly 68 billion barrels over the past five years although the region has pumped in excess of 35 billion barrels to the global market, Khaleej Times reported....

...Most of the Arab proven oil deposits are concentrated in the Gulf, mainly in the UAE, Kuwait, Saudi Arabia, Iraq and Qatar.


http://www.menafn.com/qn_news_story_...storyid=123321

It can't be both ways.