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July 10, 2008

OPEC claims it can grow production until 2030

Umm, sure you can. This actually sounds like more Saudi oil propaganda.

As for the talk that OPEC can boost nonconventional resource production, the only OPEC member with huge nonconventional resources is Venezuela and its heavy sour oils. And it remains an open question whether or not Hugo Chavez’s nationalization of Venezuelan oil drove away enough expertise to hinder development of those oils.

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