I don't believe this for even a second. Saudi Arabia, the largest producer, would never disclose what its reserves are. And if they'll give a number, rest assured that it's fake. Russia, also, would not disclose its energy reserves, as a state secret. Why would they, under what obligation? What do they have to gain?On the other hand, if they underestimate their reserves, indeed, the world would panic and the price will spike, which is in their interest. The price of crude is already moving higher, and I imagine it will hit $150 next year. The Saudis are sitting on a lot of oil, and easy to develop fields, but dumping all that oil on the market will dampen the price and make the other OPEC countries very angry.