Generic Mod Folk
Join Date: Jan 2008
Location: Across the border
Rep Power: 98
Hugo Chavez Venezuela = Worlds leading oil supplier?
Venezuela Overtakes Saudis To Hold World’s Biggest Oil Reserves
Venezuela surpassed Saudi Arabia to become the world’s largest holder of proven oil reserves, a resource that President Hugo Chavez promises to tap if he gets re-elected in October.
The South American country’s deposits were at 296.5 billion barrels at the end of last year, data from BP Plc (BP/) show. Saudi Arabia held 265.4 billion barrels, BP said yesterday in its annual Statistical Review of World Energy. The 2010 estimate for Venezuela increased from 211.2 billion in the previous report.
Chavez wants to more than double the country’s oil-production capacity to 6 million barrels a day by 2019, according to a government plan released June 12. Photographer Diego Giudice/Bloomberg
June 14 (Bloomberg) -- Fereidun Fesharaki, chairman at FACTS Global Energy Inc., talks about the outlook for crude oil and natural gas markets. Fesharaki also discusses his expectations for today's meeting of the Organization of Petroleum Exporting Countries. He speaks with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
Chavez wants to more than double the country’s oil- production capacity to 6 million barrels a day by 2019, according to a government plan released June 12. The world’s biggest oil-exporting nations faced a 15 percent slump in crude prices last month, the biggest decline since December 2008, on speculation Europe’s debt crisis would derail the global economic recovery.
Venezuelan Oil Minister Rafael Ramirez has said oil prices need to be higher than $100 a barrel. The recent slump in crude is dangerous for producers, Ramirez said June 12 in Vienna, where the Organization of Petroleum Exporting Countries meets today to decide production quotas.
Brent futures rose 54 cents, or 0.6 percent, to $97.67 a barrel on the ICE Futures Europe exchange at 1:10 p.m. in Singapore today.
Global reserves advanced to 1.65 trillion barrels at the end of last year, a 1.9 percent increase from a revised 1.62 trillion in 2010, BP said. Venezuela now holds 18 percent of the world’s reserves, according to BP data.
BP revised its estimates on reserves in part because the company publishes its report in June, before most governments issue their annual reserves figures, said Robert Wine, a BP spokesman. Last year’s record average oil price also had an effect, increasing the commercial viability of hard-to-reach deposits, he said.
Saudi Arabia now trails Venezuela with a 16 percent share of world proven oil reserves, according to the report. Canada ranks third with 175.2 billion barrels, or 11 percent of total, unchanged from the revised number for 2010.
Russia, the world’s biggest crude producer, boosted its deposits to 88.2 billion barrels from a revised 86.6 billion a year earlier, according to BP. Russia’s share of the total is 5.3 percent.
Reserves in Norway increased last year, snapping 11 years of declines, according to BP. The country’s deposits rose to 6.9 billion barrels, compared with a revised figure of 6.8 billion in 2010.
BP said the estimates in yesterday’s report are a combination of official sources, OPEC data and other third-party estimates. Deposits include gas condensates and natural-gas liquids, as well as crude.
We do it for the people.
From donated clothes, to caps and gowns
It's a little shout to my black and brown
Folks that know the game, not in class to clown
Had the funny accent, look who's laughing now
See Samir came here to grind, and he slaved at
Every minimum wage job, but he saved that
Brought his sis here on scholarship to make stacks
Working as a surgeon she bought a whip, and payed cash
No time to whine, we just face facts
Lets fit 6 in the back and lets take that
To the best restaurants, make reservations
Since we out here, since they made reservations
For first Nations and they never made reparations
The Natives probably relate more to immigration
So this for y'all too, and I can't forget the Haitians
Here for an education. Its a celebration.