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(Arabian Oil and Gas) --
Venezuela's proven reserves of crude oil surpassed those of Saudi Arabia in
2010, the Organization of Petroleum Exporting Countries said in its annual
statistical bulletin, according to a Dow Jones Newswires report.
However, there are concerns over whether much of the sticky, extra-heavy
crude proven in Venezuela will be economically viable, even at current high
prices.
The bulletin also stated that Iran’s oil-refining capacity increased 18
percent last year, the biggest gain among OPEC members, according to a report by
the 12-member group. This dovetails with Tehran's ambition to be more
self-sufficient on petroleum following the implementation of UN sanctions.
mrcplast.com
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