Note
the comment about prices needing to be higher than $100 a barrel.
There will be insufficient money to pump remaining oil from the
ground
Venezuela
Overtakes Saudis for Largest Oil Reserves
Venezuela
surpassed Saudi Arabia to become the world’s largest holder of
proven oil reserves, a resource that President Hugo Chavez promises
to tap if he gets re-elected in October.
14
June, 2012
The
South American country’s deposits were at 296.5 billion barrels at
the end of last year, data from BP Plc (BP/) show. Saudi Arabia held
265.4 billion barrels, BP said yesterday in its annual Statistical
Review of World Energy. The 2010 estimate for Venezuela increased
from 211.2 billion in the previous report.
Chavez
wants to more than double the country’s oil- production capacity to
6 million barrels a day by 2019, according to a government plan
released June 12. The world’s biggest oil-exporting nations faced a
15 percent slump in crude prices last month, the biggest decline
since December 2008, on speculation Europe’s debt crisis would
derail the global economic recovery.
Venezuelan
Oil Minister Rafael Ramirez has said oil prices need to be higher
than $100 a barrel. The recent slump in crude is dangerous for
producers, Ramirez said June 12 in Vienna, where the Organization of
Petroleum Exporting Countries meets today to decide production
quotas.
Brent
futures rose 54 cents, or 0.6 percent, to $97.67 a barrel on the ICE
Futures Europe exchange at 1:10 p.m. in Singapore today.
Canada
Third
Global
reserves advanced to 1.65 trillion barrels at the end of last year, a
1.9 percent increase from a revised 1.62 trillion in 2010, BP said.
Venezuela now holds 18 percent of the world’s reserves, according
to BP data.
BP
revised its estimates on reserves in part because the company
publishes its report in June, before most governments issue their
annual reserves figures, said Robert Wine, a BP spokesman. Last
year’s record average oil price also had an effect, increasing the
commercial viability of hard-to-reach deposits, he said.
Saudi
Arabia now trails Venezuela with a 16 percent share of world proven
oil reserves, according to the report. Canada ranks third with 175.2
billion barrels, or 11 percent of total, unchanged from the revised
number for 2010.
Russia,
the world’s biggest crude producer, boosted its deposits to 88.2
billion barrels from a revised 86.6 billion a year earlier, according
to BP. Russia’s share of the total is 5.3 percent.
Reserves
in Norway increased last year, snapping 11 years of declines,
according to BP. The country’s deposits rose to 6.9 billion
barrels, compared with a revised figure of 6.8 billion in 2010.
BP
said the estimates in yesterday’s report are a combination of
official sources, OPEC data and other third-party estimates. Deposits
include gas condensates and natural-gas liquids, as well as crude.
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