Tuesday, August 18, 2009

OPEC's Reserves Climb Past 1 Trillion Barrels

Due to a boost in Venezuela's proven reserves (primarily from unconventional sources, such as heavy oil located in Orinoco Belt), OPEC's cache now stands at 1.02 trillion barrels:

The OPEC Annual Statistical Bulletin for 2008 released recently now claims that proven oil reserves of the group has gone up by more than 75 billion barrels in 2007 to reach 1.02 trillion barrels in 2008. The main source of the increase is Venezuela increasing its reserves to 172 billion barrels, a rise of about 73 billion barrels over 2007.

The ASB said that this makes Venezuela the second largest crude holder within the OPEC after Saudi Arabia. And with some minor adjustments in the reserves of the rest of the world, the OPEC's share of world oil reserves after this adjustment is seen going up to over 79%. Indeed the development could be unsettling for some, one has to concede.

The increase in Venezuela's reserves in recent years has been very sharp from the 76 billion barrels in 2003, as the country now adopts the policy of adding non conventional heavy oil deposits to its conventional oil reserves.

And interestingly, if a similar practice is adopted by the US and Canada, the reserves picture in the world would alter completely. However, the world still lacks an agreed way of assessing a country's reserves independently and therefore, reports like the ASB take whatever a country claims to be its reserves, one needs to point out.


Venezuela claims that at "USD 50 per barrel, a portion of the Orinoco tar sands becomes commercially viable; enough to bring the country's proven reserves up to 312 billion barrels."

That's a lot of oil. Too bad Venezuela is infected by a Putin wannabe dick head: Chavez gunning to strong arm media critics.

And what's this? Amy "I heart Fidel Castro" Goodman sycophantically chatting with Mr. Chavez.

Amy, your stoic, depressed face needs some endorphins. Go flock to your solidarity bros. in Cuba, Ms. Goodman. Sweat, farm, help purge the scoliosis-infected state farms and help Cuba wean itself off of the capitalistic decadents in the US of whom Cuba so desperately needs to eat.

- Brewskie

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