Why is there such disagreement over oil reserves?The places with large oil reserves are run by undemocratic thugocrats, with rare exceptions such as Canada and Norway. These thugocrats need high oil prices in order to keep the natives from getting restless. Since these thugocrats prohibit free speech and an open press, why should we accept their reporting on oil reserves? It's in their interest to claim that reserves are declining.
All numbers tend to be informed estimates. Different experts make different assumptions so it is understandable that they can come to different conclusions. Some countries see the size of their oilfields as a national security issue and do not want to provide accurate information.
Meanwhile, up in Oklahoma: Cushing oil glut worrisome.