US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40%
John Vidal, environment editor: Tuesday 8 February 2011 22.00 GMT
Saudi oil refinery. WikiLeaks cables suggest the amount of oil that can be retrieved has been overestimated. Photograph: George Steinmetz/Corbis
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%. read more
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