Wikileaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices.

A US diplomat is convinced by ex Saudi oilman Sadad al-Husseini that (potential) reserves have been overstated by nearly 40%, and that the world’s number one producer is “running to stand still” as a result of operational challenges. “Jeremy Leggett, convenor of the UK Industry Taskforce on Peak Oil and Energy Security, said: “We are asleep at the wheel here: choosing to ignore a threat to the global economy that is quite as bad as the credit crunch, quite possibly worse.”