OPEC versus Non-OPEC Reserves
OPEC member countries can lay claim to some of the most significant crude oil basins in the world. According to the BP Statistical Review of World Energy June 2010, Saudi Arabia is home to 263 billion barrels of crude oil reserves. See Figure 12.1. OPEC member countries have been diligently certifying their probable (2P) reserves and moving these reserves into the proven (1P) reserve category. According to the BP Statistical Review of World Energy June 2010, Venezuela has almost 172 billion barrels of 1P or proven reserves.
In the Western hemisphere, Venezuela is home ...
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