by Patrick Appel

Avent notes the market's non-reaction to the news:

The story has gotten a lot of attention, but prices haven't risen, which suggests that experts already knew this (and indeed, people have been speculating about such an overstatement for at least four years). It's actually kind of interesting to note that early takes on a potential reserve overstatement date to 2007, which is when oil prices began rising at a faster pace. Saudia Arabia has about a fifth of known oil reserves, so a revision in its holdings of this magnitude is significant.

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