Monday, Jul 18, 2011
LONDON (Dow Jones)--Venezuela's crude oil proven reserves surpassed those of Saudi Arabia in 2010, the Organization of Petroleum Exporting Countries said in its annual statistical bulletin.
The boost in reserves, which comes alongside an upgrade from Iran and Iraq, may empower members of the group who favor a defense of high prices in the long run. But there has been doubts over whether all of Venezuela's heavy oil is actually viable economically.
In an annual statistical report posted on its website, OPEC said Venezuela's proven crude oil reserves had reached 296.5 billion barrels in 2010, up 40.4% year-on-year and higher than Saudi Arabia's 264.5 billion barrels.
The data broadly confirms Venezuela's statements which had already said it had reached this level of reserves in January this year.
-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com
(END) Dow Jones Newswires
18-07-11 1008GMT
