Related Articles
Forward article link
Share PDF with colleagues

Venezuela claims oil-reserves top spot

Venezuela has toppled Saudi Arabia as holder of the world’s largest proved crude oil reserves, according to Opec


 

The change at the top follows the cartel’s decision to certify oil from the vast La Faja field as heavy crude, rather than tar.

The decision boosts Venezuela’s proved reserves cache by 40.4%, to 296.5 billion barrels. According to Opec’s Annual Statistical Bulletin, Saudi Arabia’s reserves remain static, at 264.5 billion barrels. Overall, Opec reserves have increased 12.1% since last year.

The reserves revision means the Latin American country now holds 24.8% of Opec’s total proved reserves, and almost 20% of global resources. Saudi Arabia makes up 22.2% of Opec’s total, while Iran has 12.7%.

The La Faja oil belt, along the Orinoco river, is estimated to host 220 billion barrels of oil. Opec said that the decision to reclassify La Faja’s reserves as heavy crude followed a series of meetings between the cartel and Venezuelan officials earlier this year. Opec’s Annual Statistical Bulletin will be officially launched in November 2011 .

Also in this section
Banging the drum for gas
27 July 2020
The Gas Exporting Countries Forum is backing the fuel to shake off its current malaise and enjoy future growth
Urals premium hurts Russian integrateds
17 July 2020
Russia’s Opec+ compliance has pushed its benchmark grade to a premium over Brent. But this is not good news for the country’s large integrated oil firms
Oil market mulls demand risks
14 July 2020
Crude price comes under pressure from concerns over a second coronavirus wave just as Opec+ considers loosening the supply taps. But are the worries overdone?