• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours In a Nutshell...
  • 9 hours Is OilPrice a cover for Green Propganda
  • 19 hours Putin Paid Militants to Kill US Troops
  • 12 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 8 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 13 hours Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 2 days Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 12 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 2 days Apology Accepted!
  • 19 hours The Political Genius of Donald Trump
  • 2 days Why Oil could hit $100
  • 3 days U.S. natural gas at major disadvantage in Europe and China.
  • 2 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
Lithium Prices Are Set To Rally

Lithium Prices Are Set To Rally

The European Union’s green recovery…

OPEC States that Venezuela has World’s Largest Oil Reserves

The Organization of Petroleum Exporting Countries, a notoriously conservative organization, has stated that Venezuela has world’s largest oil reserves, even exceeding those of OPEC’s top producer, Saudi Arabia.

Oil production in Venezuela is under the control of the state-owned Petróleos de Venezuela, S.A. company, or PDVSA.

Petroleum Intelligence Weekly lists PDVSA as the world's fourth largest oil company, due to its proven reserves, production, refining and sales, MercoPress news agency reported.

PDVSA has recently been roiled by a pension scandal where millions were lost when they were invested in a Madoff-type Ponzi scheme overseen by Francisco Illarramendi, a Connecticut-based hedge fund manager with joint U.S.-Venezuelan citizenship, who used to work as a U.S.-based advisor to PDVSA.

PDVSA revenues underwrite many of the progressive social programs of Venezuelan President Hugo Chavez. Concerned about the ongoing effects of the global recession on the national economy, on Wednesday President Chavez said  that he would repatriate $11 billion in gold reserves held in overseas banks and diversify the nation’s fiscal reserves away from Western nations and into emerging economies like China, Russia and Brazil.

Venezuela’s gold reserves of $18.3 billion represent two-thirds of the country’s total reserves, with $11.1 billion currently held in foreign banks and the remaining $7.2 billion residing in Venezuela’s Central Bank.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News