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1.4.2 Geopolitical Factors
ОглавлениеThe true picture of oil supply may never be known. Difficult as it is because of a variety of factors, reporting data on oil production or oil reserves is a political act (Laherrère, 2001). The United States Securities and Exchange Commission (SEC) obliges the oil companies listed on the US stock market to report only proved reserves and to omit probable reserves that are reported in the rest of the world. This practice of reporting only proved reserves can lead to a strong reserve growth since 90% of the annual reserves oil addition come from revisions of old fields, showing that the assessment of the fields was poorly reported. In fact, reporting of production is not much better and may give a false impression of oil abundance (Simmons, 2000) – technical data do exist and must be included in any peak theory model.