Depletion of Kuwaiti Oil Reserves
Kuwait is one of the 12 members of the OPEC countries, the Organization of Petroleum Exporting Countries. According to the organization, these members produce about 81 percent of the total oil produced in the world. In the recent past, there have been rumors about the country not producing as much oil as it is proving that it does (Cobb, 2012). It cannot be said with certainty whether or not the oil reserves of Kuwait are depleting, however, this subject is important for discussion because the whole world depends on oil reserves of the major oil producing countries. All the issues, economic or political, revolve around one country wanting to take over the other for its all reserves. In this paper, we shall discuss the presence of oil reserves in Kuwait and some news pertaining to their depletion and overstatement. We shall also address this topic in another aspect; the oil depletion protocol.
IHS Data Suggestion of Kuwaiti Oil Reserves
The Energy Institute hosted the Oil Depletion conference in London in November of 2006. In this conference, the Vice President of IHS Energy, Dr. Kenneth Chew gave a presentation that stated that the probable and proved oil reserves of Kuwait are around 52 barrels. This figure is almost 51 percent of the reserves that have been proved and reported in the BP statistical review that states that Kuwait has 101.5 billion barrels of oil. These statistics tend to support the recent news about Kuwait