Wednesday, January 25, 2006

Late: Kuwait's Actual Reserves Half Of Official Numbers

Thanks to Odograph for delivering the word that the Kuwaitis are close to confessing what we already knew: that their reserves are about half of the official numbers. Sobering news, but not unexpected. I wonder how long it'll be before we hear similar noises from the Saudis...

Update: Since that Reuters report came out last Friday, there's been some additional reportage of interest: first, Kuwait has revised their reserves estimates upwards; and second, Farouk Al Zanki, chairman of the Kuwait Oil Company, says "I have no idea where they got this figure from ... I don't think it's accurate." Insert sustained laugh track here.