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To: Mike M2 who wrote (2388)	6/18/1998 12:12:00 PM
From: Thomas M.	Respond to of 86076

Good article. Let me add that proven reserves falls into the sci-fi category. Start with reality, and then veer off into dreamland. <g> forbes.com Most of the increase in world reserves has been within OPEC, and occurred in 1987 and to a lesser extent in 1989. These were years with low oil prices. "OPEC countries boosted their reserve figures as a way [under their calculation method] to increase their shares of OPEC production through the quota system." A negotiating ploy to boost earnings to pay for their rising debt? "It was simply a trick," he says. Either the newfound oil existed only on paper, or it had been there all along but the owners hadn't declared it. In either case, not new oil. Another region claiming growing reserves is the former Soviet Union. "These countries, too, overstate their reserves, in this case because they use the concept of geological reserves [everything that might be in the ground] rather than the West's concept of economically producible reserves," he explains. Tom