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realclearworld

Hugo The Oily Bohunk: Guess Who Holds The Biggest Oil Reserves in OPEC

Yep, him ...

(CNBC) - OPEC's proven crude oil reserves rose 12.1 percent in 2010 to 1.19 trillion barrels led by Venezuela, which has surpassed Saudi Arabia as the group's largest reserves holder, OPEC said in its Annual Statistical Bulletin.

The latest figures are unlikely to quell skepticism about reserves estimates from the Organization of the Petroleum Exporting Countries, some of which analysts say may be exaggerated although the producers deny doing so.

OPEC's growth in oil reserves was mainly due to Venezuela, whose holdings climbed to 296.5 billion barrels from 211.2 billion in 2009, the report said. Top OPEC exporter Saudi Arabia's reserves were steady at 264.5 billion barrels.

Iran and Iraq also boosted their reserves last year. In October, Iran increased its reserves to 150 billion barrels within a week of an upward revision by Iraq, ensuring that Tehran continued to rank above Baghdad.

"OPEC has a fantastic history of competitive reserves upgrades," said Bill Farren-Price, analyst at Petroleum Policy Intelligence.

Reserves are one of the criteria OPEC has used in setting output targets. Iran and Iraq were rivals in the past over OPEC quotas, and OPEC in the next few years is expected to tackle the issue of bringing Iraq back into the quota system. Iraq is exempt at present.

Iraq boosted its reserves to 143 billion barrels last year, up 24 percent, the report said. Iraq has said its reserves increased as work by international oil companies started to yield results.

Venezuela's move to the No. 1 reserves spot bumps Iran and Iraq to third and fourth place respectively. Commenting on the OPEC report, an Iranian official said the country still held its status as OPEC's second-largest producer after Saudi Arabia.

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3 comments to Hugo The Oily Bohunk: Guess Who Holds The Biggest Oil Reserves in OPEC

  • Gigi

    IMO, this piece of news confirms why and how Chavez has managed to be so bullish and destructive. The ones with the ca$h get the power - it's the irony + hypocrisy of marxist dictators preaching against the rich oppressing the poor, while they do worse when they get in power and grab all the resources. It's doubtful that Chavez would have gotten this far with his scorched-earth politics had he presided over a Venezuela without an ounce of crude. Extrapolating to the kasstros, they arrived to power with foreign money, and stayed in power with same, and now of course, with Venezuelan oil to boot.

  • asombra

    The asshole wears red like some women wear only black thinking it makes them more stylish. Such a clown.

  • [...] – in spite of large oil reserves -the well runs dry in Venezuela, yesterday, the Washington Post reported that Bolivian president [...]