Analysts are now beginning to doubt that Saudi Arabia even has the reserves it says it has.
. Why does it lie so much and so often about these figures? Because without the power it has in the world directly associated with its crude oil production, spare capacity, and reserves it has no real power at all, so enormously exaggerating each of these figures is geared towards puffing itself up in terms of its geopolitical importance. The problem Saudi Arabia has right now, however, is that the U.S.
To the figures themselves, then, and firstly, Saudi Arabia’s crude oil reserves figures. At the beginning of 1989, Saudi Arabia claimed proven oil reserves of 170 billion barrels, but only a year later, and without the discovery of any major new oil fields, the official reserves estimate had somehow increased by 51.2 percent, to 257 billion barrels.
Secondly, Saudi Arabia’s spare capacity figures, which are a function of Riyadh not just lying about the numbers outright but also engaging in semantic trickery involving the use of various oil market terms interchangeably, despite their not meaning the same thing at all.
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