A U.K. former scientist is saying Oil reserves are exaggerated by 1/3:
The scientist and researchers from Oxford University argue that official figures are inflated because member countries of the oil cartel, OPEC, over-reported reserves in the 1980s when competing for global market share.
Their new research argues that estimates of conventional reserves should be downgraded from 1,150bn to 1,350bn barrels to between 850bn and 900bn barrels and claims that demand may outstrip supply as early as 2014. The researchers claim it is an open secret that OPEC is likely to have inflated its reserves, but that the International Energy Agency (IEA), BP, the Energy Information Administration and World Oil do not take this into account in their statistics.
It is that date which is of most interest, although I've seen this before as the date where global demand exceeds supply (as well as others). The site I always reference for questions on energy is the oil drum, but the main point of the Instapopulist is a 33% decline in actual projected global oil reserves is significant.