World oil reserves suddenly downgraded by 292 billion barrels

FORBES | This week, Rystad Energy announced the eye-popping finding that the world’s estimate of oil supplies had suddenly shrunk by 292 billion barrels. Needless to say, the announcement caused eyes to pop, as did the headline’s statement heralding the early onset of “peak oil”demand. Hopefully, oil industry executives understand the nuances of the report, and do not overreact. Sadly, many others will.

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