OPEC reserves rise 4pc thanks to Venezuela
OPEC’S proven crude oil reserves rose four per cent in 2009 to 1.06 trillion barrels, led by an increase in Venezuela, the group said in its Annual Statistical Bulletin.
The Organisation of the Petroleum Exporting Countries also saw the value of its petroleum sales abroad plummet to $575bn (£380bn) in 2009 from the record $1 trillion in 2008 as the recession hit.
OPEC’s growth in oil reserves was mainly a result of Venezuela, whose holdings climbed to 211bn barrels from 172bn in 2008. Top OPEC exporter Saudi Arabia’s reserves rose 0.2 per cent to 264.6bn barrels.
The reserves of some countries, including Kuwait, the United Arab Emirates and Nigeria, have not changed for several years according to OPEC’s report. OPEC, which groups 12 countries, pumps more than a third of the world’s oil and straddles almost four fifths of global proven crude oil reserves.