Saudi Arabia has been passed up as OPEC’s largest oil reserves holder said OPEC in its Statistics Bulletin released annually. Moving to the top of the list is Venezuela, as OPEC’s reserves have increased from 12.1% in 2010 up to 1.19 trillion barrels.
OPEC’s reserves holdings increase grew from 211.2 billion in 2009 to 296.5 billion with Venezuela leading the way. Iraq and Iran also increased output however. With increasing numbers, some skeptics doubt the numbers, but producers hold strong on their latest numbers.
These increases have also raised OPEC’s percentage of the world’s proven crude reserves from up to 81.3%. Despite Venezuela’s rise, Saudi Arabia is still OPEC’s largest exporter.