{"id":55920,"date":"2020-12-08T18:24:55","date_gmt":"2020-12-08T23:24:55","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55920"},"modified":"2020-12-08T18:24:55","modified_gmt":"2020-12-08T23:24:55","slug":"wikileaks-cables-saudi-arabia-oil-reserves-overstated","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55920","title":{"rendered":"Wikileaks Cables: Saudi Arabia Oil Reserves Overstated"},"content":{"rendered":"<div class=\"\">\n<h3 class=\"lh-34 pad-t-35  mar-b-0\"><a href=\"https:\/\/ourworld.unu.edu\/en\/wikileak-cables-saudi-arabia-oil-reserves-overstated?fbclid=IwAR1_ZkPniq2AL1cKUNCBZ4aL5ue3s8N6E-Pb-2slQ6akl52XqmWScTl8Nfk\">Wikileaks Cables: Saudi Arabia Oil Reserves Overstated<\/a><\/h3>\n<div class=\"featured mar-t-20\">\n<div class=\"rel\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-original size-original\" src=\"https:\/\/i.unu.edu\/media\/ourworld.unu.edu-en\/article\/3018\/prince-el-turki.jpg\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" srcset=\"https:\/\/i.unu.edu\/media\/ourworld.unu.edu-en\/article\/3018\/prince-el-turki.jpg 940w, https:\/\/i.unu.edu\/media\/ourworld.unu.edu-en\/article\/3018\/prince-el-turki-140x80.jpg 140w, https:\/\/i.unu.edu\/media\/ourworld.unu.edu-en\/article\/3018\/prince-el-turki-620x350.jpg 620w, https:\/\/i.unu.edu\/media\/ourworld.unu.edu-en\/article\/3018\/prince-el-turki-300x170.jpg 300w, https:\/\/i.unu.edu\/media\/ourworld.unu.edu-en\/article\/3018\/prince-el-turki-460x260.jpg 460w\" alt=\"prince-el-turki\" width=\"940\" height=\"529\" \/><\/p>\n<div class=\"description\"><a href=\"http:\/\/www.unmultimedia.org\/photo\/detail.jsp?id=159\/159705&amp;key=0&amp;query=Prince%20El%20Turki&amp;lang=en&amp;sf=\">UNYOM<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"entry mar-b-10 mar-t-10 pad-t-10 clearfix\">\n<p>The United States fears that Saudi Arabia, the world\u2019s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.<span id=\"more-3018\"><\/span><\/p>\n<p>The cables, released by\u00a0<a href=\"http:\/\/www.guardian.co.uk\/media\/wikileaks\" target=\"_blank\" rel=\"noopener noreferrer\">WikiLeaks<\/a>, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom\u2019s crude oil reserves may have been overstated by as much as 300 billion barrels \u2014 nearly 40%.<\/p>\n<p>The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their OPEC cartel partners would pump more oil if rising prices threatened to choke off demand.<\/p>\n<p>However, Sadad al-Husseini, a geologist and former head of exploration at the Saudi oil monopoly Aramco, met the US consul general in Riyadh in November 2007 and told the US diplomat that Aramco\u2019s 12.5 million barrel-a-day capacity, needed to keep a lid on prices, could not be reached.<\/p>\n<p><strong>Tapping the truth<\/strong><\/p>\n<p>According to the cables, which date between 2007-09, Husseini said Saudi Arabia might reach an output of 12 million barrels a day in 10 years but before then \u2014 possibly as early as 2012 \u2014 global oil production would have hit its highest point. This crunch point is known as \u201c<a title=\"More from guardian.co.uk on Peak oil\" href=\"http:\/\/ourworld.unu.edu\/en\/series\/oil\/\" target=\"_blank\" rel=\"noopener noreferrer\">peak oil<\/a>\u201c.<\/p>\n<p>Husseini said that at that point Aramco would not be able to stop the rise of global oil prices because the Saudi energy industry had overstated its recoverable reserves to spur foreign investment. He argued that Aramco had badly underestimated the time needed to bring new oil on tap.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wikileaks Cables: Saudi Arabia Oil Reserves Overstated UNYOM The United States fears that Saudi Arabia, the world\u2019s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by\u00a0WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[26432,1810,701,880],"class_list":["post-55920","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-john-vidal","tag-oil-reserves","tag-saudi-arabia","tag-wikileaks"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55920"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55920\/revisions"}],"predecessor-version":[{"id":55921,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55920\/revisions\/55921"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}