Lack of data casts doubt on Iranian reserves hike

Mansour KashfiBijan Namdar Zanganeh, Iran's minister of petroleum, recently announced that the Islamic Republic, with 132 billion bbl of oil, is the world's No. 2 nation in oil reserves after Saudi Arabia. His announcement appeared July 4 in RIA Novosti and the next day in the Bahrain Tribune.Reserves enhancements such as this are not new. They usually come from petroleum officials of members of the Organization of Petroleum Exporting Countries. In the past, OPEC nations have inflated reserves to boost production quotas and, in some instances, in order to improve their standings with financial institutions. The international oil industry has good reason to suspect that similar mot...

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