Oil reserves data being fudged by US: Report
Updated on Tuesday, November 10, 2009, 13:41 IST Tags:Oil, data, fudging, IEA, US
Washington: In a startling revelation, a senior official associated with the International Energy Agency (IEA) has claimed that the data relating to global oil reserves has been twisted under pressure from the US.
The official, on the condition of anonymity, has disclosed that IEA has been constantly underplaying a looming shortage of oil as the US feared that original estimates would actually trigger panic buying.
In a sense the energy watchdog misguided nations about the rate of decline of oil from the existing fields and also deliberately predicted the chances of finding more reserves.
The allegations, in totality, suggest that the oil reserves across the world will decline at a much faster rate that what has been predicted by the IEA under the US influence.