Analysts question Kuwait's oil reserves
NEW YORK: Analysts at UBS express their concern regarding the long-term risks surrounding the global oil market. In a research note published yesterday morning, the analysts mention that imposing sanctions on Iran would be impractical, since global spare capacity covers only 60 per cent of Iran's oil exports.
The violence in Nigeria would continue to disrupt oil supply going forward, the analysts believe. The recent data on Kuwait's real oil reserves and Russia's Gazprom-related issues raise further concerns regarding the long-term trends of the global oil market, says USB.
This past week, the respected energy industry newsletter Petroleum Intelligence Weekly (PIW) reported that Kuwait's oil reserves are only half those officially stated, according to internal Kuwaiti records seen by industry newsletter Petroleum Intelligence Weekly (PIW).
"PIW learns from sources that Kuwait's actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 per cent of the global total, are a good deal lower, according to internal Kuwaiti records," the weekly PIW reported last Friday.
It said that according to data circulated in Kuwait Oil Co (KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait's remaining proven and non-proven oil reserves are about 48 billion barrels. Officials from KOC were not immediately available for comment, reported Reuters. PIW said the official public Kuwaiti figures do not distinguish between proven, probable and possible reserves.
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