The Organization of Petroleum Exporting Countries (OPEC) has published its annual report, which shows that in 2010, Venezuela surpassed Saudi Arabia in terms of proven oil reserves.
Venezuela's proven oil reserves in 2010 amounted to 296.5 billion barrels, which is 40.4% higher than the figure in 2009. Proved oil reserves in Saudi Arabia, according to OPEC's annual report, amounted to 264.5 billion barrels. Thus, OPEC reaffirmed made in January this year, Venezuelan authorities statements about the growth of proven oil reserves.
As follows from the document increased the volume of proven oil reserves in Iraq and Iran (24.4%, to 143.1 billion barrels, and 10.3%, to 151.2 billion barrels, respectively). Venezuela, Iran and Iraq are reminiscent in this regard, the experts included in the group of countries opposed the Saudi plan to increase oil production at the June conference of OPEC in Vienna. Production volumes were then kept unchanged.
Experts say that in the long term growth of proven oil reserves in countries that are strongly in favor of continued high oil prices, can greatly enhance their position within OPEC. Nevertheless, many experts remain doubts about the profitability of production of the "new" Venezuelan Oil: The majority of newly discovered reserves are in heavy and very heavy crude oil Orinoco basin, which, according to, for example, The Wall Street Journal, it is very difficult and expensive extract.
Venezuela's proven oil reserves in 2010 amounted to 296.5 billion barrels, which is 40.4% higher than the figure in 2009. Proved oil reserves in Saudi Arabia, according to OPEC's annual report, amounted to 264.5 billion barrels. Thus, OPEC reaffirmed made in January this year, Venezuelan authorities statements about the growth of proven oil reserves.
As follows from the document increased the volume of proven oil reserves in Iraq and Iran (24.4%, to 143.1 billion barrels, and 10.3%, to 151.2 billion barrels, respectively). Venezuela, Iran and Iraq are reminiscent in this regard, the experts included in the group of countries opposed the Saudi plan to increase oil production at the June conference of OPEC in Vienna. Production volumes were then kept unchanged.
Experts say that in the long term growth of proven oil reserves in countries that are strongly in favor of continued high oil prices, can greatly enhance their position within OPEC. Nevertheless, many experts remain doubts about the profitability of production of the "new" Venezuelan Oil: The majority of newly discovered reserves are in heavy and very heavy crude oil Orinoco basin, which, according to, for example, The Wall Street Journal, it is very difficult and expensive extract.
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