If the Saudi oil reserves are ‘overstated’ as reported here by Al Jazeera, the ramifications are tremendous. It would mean that the world has now consumed more than half of all of the oil that was ever in the ground and that there is less remaining than was once thought. The price impact could be very large, given the world’s increasing reliance on fossil fuels. Welcome to the world of Peak Oil.
WikiLeaks: Saudi oil capacity has been overstated by up to 40%