According to new published Wikileaks documents (see the Guardian), a former Aramco high official reported to the US that the large Saudi reserves of oil are overblown and will not compensate for the fast declines of other global oil fields in the long run.
As with other Wikileaks, there is nothing new here, except the fact that the Wikileaks’ stamp now has traditional journalists picking up a story that is already very old news for years in the peak oil community. The lack of transparency on real oil reserves figures officially presented by the big oil producing countries is a well-known fact. International organisations and the EU have been asking OPEC for more openness but without success.
The Economist’s blog (“Dwindling reserves”) also underlines that there is nothing new here: “The story has gotten a lot of attention, but prices haven't risen, which suggests that experts already knew this (and indeed, people have been speculating about such an overstatement for at least four years)”.