South American nation Venezuela tops the checklist, adopted closely by Saudi Arabia.
Brent crude oil spot price is expected to fall from an average of $112 per barrel in 2012 to annual averages of $108 per barrel in 2013 and $101 per barrel in 2014, in response to report released by US-primarily based Energy Data Administration (EIA) final week.
The price shift displays the rising supply of liquid fuels from non-OPEC (Group of Petroleum Exporting Countries) countries, it acknowledged.
Nevertheless, OPEC nations proceed to overshadow the world in terms of reserves, holding greater than 80 per cent of the world’s proven oil reserves, according to current estimates. The majority of OPEC oil reserves – sixty six per cent – are in the Center East.
OPEC’s proven oil reserves at present stand at 1,199.71 billion barrels.
Listed here are the top international locations with the biggest proven oil reserves, as reported by EIA.
Proven oil reserves in 2013 (billion barrels): 297.6. Total oil supply in 2012 (thousand barrels per day): 2,489.2
Venezuela surpassed Saudi Arabia last yr to develop into the holder of the largest oil reserves in the world. Nonetheless, annual oil production of the OPEC provider is significantly less than the Kingdom.
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