OPEC's proven oil reserves increase by 4% last year

According to a report by the US Bloomberg News Agency on July 6, the Organization of Petroleum Exporting Countries (OPEC) said today that OPEC’s proved oil reserves increased by 4% last year.

In its annual statistical communique published today, OPEC stated that the total crude oil reserves in the territory of OPEC members increased to 1.064 trillion barrels in 2009. OPEC’s proved crude oil reserves in 2008 increased by 7.9% year-on-year, the most significant increase in the past 20 years. Proven crude oil reserves in Venezuela increased by 23% in 2009 to reach 21,12 billion barrels.

In a report on the world energy statistics published on June 9, BP said that OPEC’s crude oil reserves increased by 0.1% in 2009 to 1.029 trillion barrels.

According to the U.S. Geological Survey, Venezuela’s national oil company has begun to develop heavy oil reserves in Orinoco to increase its supply. The Orinoco Belt is one of the largest reservoirs in the world and can use current technology to produce 513 billion barrels of oil.

Last year, Iran’s oil reserves fell by 0.4% to 137 billion barrels, while Qatar’s oil reserves fell by 0.1% to 25.38 billion barrels.

Saudi Arabia, the world’s largest oil exporter, increased its oil reserves by 0.2% last year to 264.59 billion barrels.

OPEC said that the organization’s share of global oil reserves increased by 0.6% in 2009 to 79.6%.

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