As the world rapidly runs out of oil, one place seems to be swimming in the stuff, and no prizes for guessing who that is …
Iraq has dramatically increased the official size of its oil reserves after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

They must be getting jittery. Fearing a political backlash over rising gasoline prices, US politicians have voted to halt deliveries to the 700 million barrel Strategic Petroleum Reserve.
About 700 million barrels of oil are stored in the underground reserve on the Gulf Coast, established after the 1973 Arab oil embargo to protect against supply cutoffs. […]

A plan to shake up Mexico’s flagging state-run oil sector has met with a muted reaction from the oil majors.
The foreign oil companies want Mexico to join the rest of the world in offering risk-sharing joint ventures, especially in the huge deep-sea sector. These joint ventures would enable the companies to claim that they […]

Shell has ongoing problems with its oil reserves, with the oil giant once again having to slash its reserve figures from last year by more than half. This takes about 1.3 billion barrels of oil off its books, equivalent to about a year’s production.
The company is expected to take at least 200 million barrels off […]

Over the next few days more oil companies will announce obscene profits.
But as the headlines are taken by calls for a windfall tax, the real story is one that has been brewing for some time. Big Oil can’t find enough oil. Yesterday, despite making £93m a day, Shell did not impressed the markets. The company’s […]