Venezuela has the biggest oil reserves
Source: BBC.
Analysis by the US Department of Energy (DoE) shows that at $50 a barrel Venezuela - not Saudi Arabia - will have the biggest oil reserves in Opec.
Venezuela has vast deposits of extra-heavy oil in the Orinoco. Traditionally these have not been counted because at $20 a barrel they were too expensive to exploit - but at $50 a barrel melting them into liquid petroleum becomes extremely profitable.
The DoE report shows that at today's prices Venezuela's oil reserves are bigger than those of the entire Middle East - including Saudi Arabia, the Gulf states, Iran and Iraq.
The DoE estimates that the Venezuelan government controls 1.3 trillion barrels of oil - more than the entire declared oil reserves of the rest of the planet.
Here is the interview of Mr Chavez with the BBC.
Posted in: _Economy , _Geopolitics , _PeakOil
Analysis by the US Department of Energy (DoE) shows that at $50 a barrel Venezuela - not Saudi Arabia - will have the biggest oil reserves in Opec.
Venezuela has vast deposits of extra-heavy oil in the Orinoco. Traditionally these have not been counted because at $20 a barrel they were too expensive to exploit - but at $50 a barrel melting them into liquid petroleum becomes extremely profitable.
The DoE report shows that at today's prices Venezuela's oil reserves are bigger than those of the entire Middle East - including Saudi Arabia, the Gulf states, Iran and Iraq.
The DoE estimates that the Venezuelan government controls 1.3 trillion barrels of oil - more than the entire declared oil reserves of the rest of the planet.
Here is the interview of Mr Chavez with the BBC.
Posted in: _Economy , _Geopolitics , _PeakOil
Labels: Economy, Geopolitics, PeakOil
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