Venezuela's oil reserves rank second in size

[ChangoLoa]

Source: El Universal

Iraq said on Monday that its proven oil reserves increased significantly to 143.1 billion barrels. This estimate places Iraq as the holder of the world's third largest crude oil reserves, behind Saudi Arabia and Venezuela.

Iraq's Oil Minister Hussain Al-Shahristani said that the estimate of his country petroleum reserves has increased to 143.1 billion barrels, about 24 percent higher than the data provided by the Organization of the Petroleum Exporting Countries (OPEC), which estimated Iraq's reserves at 115 billion barrels.

According to OPEC's data provided in 2009, Saudi Arabia has the largest proven reserves (264.5 billion barrels), ahead of Venezuela (211.1 billion, according to OPEC and 251 billion barrels according to the Venezuelan government's estimates in August 2010). Iran ranked third with 137 billion barrels.

Read more: http://english.eluniversal.com/2010/10/04/en_eco_art_venezuelas-oil-rese_04A4561651.shtml

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Link to OPEC's complete data:
http://www.opec.org/opec_web/en/data_graphs/330.htm

[david_vincent]

1. Stand by

for my press release declaring myself richer than Warren Buffett.