Cable argues that kingdom can't pump enough crude to control prices
(NEWSER) - The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country couldn’t reach the 12.5 million barrel-per-day production capacity needed to keep global oil prices in check. He predicted that the world would hit “peak oil” as early as 2012. More»
