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OPEC: Venezuela Has Largest Oil Reserves, Surpassing Saudi Arabia

July 20, 2011 Comments off

 

Venezuela’s crude oil proven reserves exceeded those of Saudi Arabia last year according to OPEC’s annual statistical report. In 2009, OPEC listed Saudi as having the highest reserves at 264.59 billion barrels or 25.9% of OPEC’s overall reserves and Venezuela at 211.17 billion barrels or 19.8% of OPEC reserves.

According to OPEC’s latest annual report, Venezuela’s proven crude oil reserves reached 296.5 billion barrels in 2010, up 40.4% on the year and higher than Saudi Arabia’s 264.5 billion barrels.

The data confirms statements by Venezuela’s national oil company (PDVSA) which reported it had this level of reserves as early as January of this year. Venezuela began certifying its oil reserves in the Orinoco belt in 2007 and since then the corporate media accused PDVSA of Read more…