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BP Announces that Venezuela Now Have the Largest Oil Reserves in the World

By Charles Kennedy | Thu, 14 June 2012 22:31 | 6

BP has just released its annual Statistical Review of World Energy in which it claims that Venezuela now holds the largest proven oil reserves in the world, overtaking the original leader Saudi Arabia.

The South American nation’s oil deposits were increased from last year’s figure to an estimated at 296.5 billion barrels, more than Saudi Arabia’s 265.4 billion barrels.

Global reserves have been increased by 1.9 percent from last year’s 1.62 trillion barrels to 1.65 trillion. Robert Wine, a spokesman from BP, explained that the reason for the revisions is that BP’s review is published in June, before most countries issue their annual reserve figures.

Last year’s average oil price was also at record levels which meant that lots of hard-to-reach oil deposits became commercially viable. North Sea Brent crude oil, a general benchmark for most of the world’s oil, averaged $107.38 a barrel in 2011.

Oil reserves in Venezuela now account for about 17.9 precent of the world’s oil; Saudi Arabia hold 16.1 percent; whilst Canada are third with 10.6 percent.

The Venezuelan president Hugo Chavez yesterday released plans that promise he will more than double the countries oil production capacity by 2019, if re-elected in October.

All of BP’s estimates were calculated from a combination of official sources, OPEC data, and other third party estimates.

By. Charles Kennedy of Oilprice.com

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  • Antonio Cordeiro on June 21 2012 said:
    Don't forget the brazilian reserves that are
    the tenth oft world oil ranking.

    Venezuela and Brazil are very different from other
    places. Natural resources like oil are state property.

    The explore-and-use of oil is regulated in law.

    In South America the brazilian leadership can not
    be contested by foreign countries and foreign
    interference in the internal political affairs of
    the south american countries has no more chances to
    happen like happenned in the past.
  • Derek on June 17 2012 said:
    What a great way to get Hugo Chaves out of power, get someone with ties to the statistic depaartment of BP to claim Venezuela has massive oil deposits. AHH now the ruling elite will want to control that meaning goodbye Mr Chaves and alot of dead people in a country that has taken a stand against the US.
    Its a comedy show alright.
    Evolution is an interesting beast
  • S.W.P. on June 16 2012 said:
    From the White House:Urgent Urgent...We now have credible and substantial evidence the Al Qaeda is now operating in Venezuela.Plans are on the table on what Military Strategy should be implemented in the near future to rid this source of new terror.Hillary has asked for a meeting with Hugo Chavez and is waiting his reply.Word has it that this administration may circumvent the Government of Venezuela and go through NATO to resolve this matter.
  • ukoilman on June 16 2012 said:
    This is our way of "getting into a political bed" with Hugo Chavez, provide cancer treatment and expect favours in return. All tongue in cheek of course.
  • Robert Fisher on June 15 2012 said:
    I think this absurd Statement was released to justify imposing a no fly zone over Venezuela and its People minded government. America can never understand why any country will support it,s People when those funds could end up in private bank accounts of the chosen few.
  • Philip Andrews on June 15 2012 said:
    Never was Disraeli's famous quote; 'there are lies, damned lies, and statistics...!' more relevant.

    Every time we get a new claim now, based on such statistics, we ask ourselves how long before each new claim becomes submerged in a plethora of counter and counter counter claims claims challenging it and each others validity.

    In addition to which practically every new use of statistiocs appears to be politically manipulated. There really is no such thing, if there ever was, as 'objective statistics'.

    I won't hold my breath on this one. Next thing you know some oil company will claim Nigeria or Afghanistan as having the worls largest proven reserves.

    We are overwhelmed by a veritable 'tsunami' of statistical fabrications...

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