Which Country has the Largest Oil Reserves in the World?

abarrelfullabarrelfull wrote on 21 Jul 2011 10:40

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Well its obviously Saudi Arabia isn't it? Well perhaps not.

According to OPEC's Annual Statistical Bulletin, the Saudis are now in second place with reserves of 264.5 billion barrels. Venezuela has the largest reserves, at 296.5 billion barrels.

Of course all reserves are not created equal, and the Bolivarian Republic is mainly endowed with extremely heavy crude in the Orinoco Belt. These require extremely high investments in order to monetise them. ENI is one of the companies making such an investment.

Venezuela having the largest reserves was the worst kept secret in the oil business, but it is interesting to see OPEC acknowledge the fact.

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