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Venezuela's proven reserves of crude oil surpassed those of Saudi Arabia in 2010

July 19/2011

(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 Irans 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.


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