Yesterday the ever-reliable and estimable John Vidal reported that the Saudis have been overestimating their oil reserves by 40%. The data comes from Wikileaks cables.
Key point: "According to the cables, which date between 2007-09, Husseini said Saudi Arabia might reach an output of 12m barrels a day in 10 years but before then – possibly as early as 2012 – global oil production would have hit its highest point. This crunch point is known as "peak oil"."
More detail in the Oil Drum.
That ties in nicely with a 2007 report, BP PLC has lowered its estimate of the world's proven oil reserves, for the first time in more than a decade, in its annual Statistical Review of World Energy published on Tuesday.
This is not good news for devotees of Julian Simon, the Cornucopian.