The PIW survey uses a somewhat broader definition of reserves than the other surveys based on public sources and it applies that definition consistently and systematically across all countries, fully accounting for production declines and new additions.
The main reason for the poor performance in growing reserves is a lack of additions to reserves from new discoveries, which account for 20% or less of additions in the last few years. The high oil prices and sharply increased upstream spending budgets of most oil companies have not yet provided any significant improvement in global additions to reserves, but more time may be needed. For 2006, the big increases in reserves were led by Brazil and Kazakhstan. Among the top 20, only eight countries saw increases last year, while the rest were flat or in decline.
The PIW survey also confirms earlier suspicions about the overstatement of reserves by Kuwait and some other Opec producers. At the same time, the survey also indicates that reserves in Russia and some other non-Opec countries are much higher than is generally reported.