Peak Oil

WikiLeaks released US Embassy cables that emphasize a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels, that is nearly 40%. This embassy cable caused a whole bunch of reports in various new outlets. The UK Guardian reports "Saudi Arabia cannot pump enough oil to keep a lid on the price". The Oil Drum has a discussion on these cables. What shall we make of that?