WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

February 10, 2011 • Daily Email Recap

Thanks to Mat Stein for this article from the Guardian. It adds some emphasis to the article by Peter Goodchild I distributed earlier today.

The US fears that Saudi Arabia, the world’s 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 WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.

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