The Need for Strong Caveats on Proved Oil Reserves, and on R/P Ratios

"Strong caveats are needed when quoting proved oil reserves, or R/P ratios, in connection with future oil supply. These caveats are needed for three reasons: the data in the public domain on proved oil reserves by country are extraordinarily poor; their evolution over time has been misleading; and R/P ratios gives no information at all about a region’s future rate of oil production. This paper explains these problems, suggests some caveats that might be used, and sets these data problems into the wider context of expected global oil supply."

R.W. Bentley, Editor ‘The Oil Age’.

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