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One thing that is rarely discussed, but that is important to keep in mind, is that the definition of "recoverable" has changed. Heavy oil that people would pay no mind to before because it would be so expensive to refine are now being considered for exploration and included in the reserves.
That is where the distinction between technically recoverable and economically recoverable comes in. The middle east still sells a lot of oil because not only they have a lot of it, but most of it is very light and cheap to extract.
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