London, Mar 23(ANI): Britain's former Chief Scientific Adviser, David King, has said that the world's oil reserves have been exaggerated by about 33 percent.
King and a research team from Oxford University said it is an open secret that OPEC is likely to have inflated its reserves, but that the International Energy Agency (IEA), BP, the Energy Information Administration and World Oil do not take this into account in their statistics.
Their new research argues that estimates of conventional reserves should be downgraded from 1,150 billion to 1,350 billion barrels to between 850 billion and 900 billion barrels.
King further said that the IEA was doing a good job of warning that more investment in oil and gas exploration is needed, but stressed that governments should pay more attention to independent research.The IEA functions through fees that are paid into it by member companies and has to keep its clients happy," The Telegraph quoted King, as saying.
"We're not operating under that basis. This is objective analysis. We're not sitting on any oil fields. It's critically important that reserves have been overstated, and if you take this into account, we're talking supply not meeting demand in 2014-2015," he added. (ANI)
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