Venezuela has the world’s largest oil reserves, at 296.5 billion
barrels, outrunning Saudi Arabia, the annual report of OPEC said, RIA
Novosti reports.
The estimations in 2010 increased Venezuela's reserves by 40.4%. Saudi
Arabia has 264.5 billion barrels of oil.
MarketWatch says that oil extraction in Venezuela requires a lot of investment.
Estimates of oil reserves in Iran rose by 10.3% to 151.2 billion
barrels, in Iraq by 24.4% to 143.1 billion barrels.
OPEC increased estimations of world oil reserves by 12% to 1.19
trillion barrels. OPEC members share 81.3% of world oil reserves.
OPEC was formed in September 1960. It consists of Iran, Iraq, Kuwait,
Saudi Arabia, Venezuela, Qatar, Libya, the United Arab Emirates,
Algiers, Nigeria, Ecuador and Angola. The headquarters are in Vienna.
