Comment: Market gives OPEC opportunity to improve oil reserves data

It is time for members of the Organization of Petroleum Exporting Countries to reevaluate their oil reserves and publish more accurate data than they do now. Present market conditions create a unique opportunity for such an improvement by encouraging OPEC members to produce oil at or near capacity rates. These conditions are likely to continue for some time to come, reducing both the relevancy of OPEC quotas and the associated incentive to exaggerate reserves.Analysis of OPEC oil reserves-more than two thirds of the world’s total-is increasingly important. Knowledge about future global oil production, which may be approaching a peak, and the kind of oil likely to be produced depends...

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