Venezuela surpasses Saudi Arabia in Proven Oil Reserves – BP image

Venezuela now holds the largest proven oil reserves in the world, overtaking Saudi Arabia, according to BP Plc.

Global reserves have been increased by 1.9 percent from last year’s 1.62 trillion barrels to 1.65 trillion. Robert Wine, a spokesman from BP, explained that the reason for the revisions is that BP’s review is published in June, before most countries issue their annual reserve figures.

A founding member of the Organization of Petroleum Exporting Countries, Venezuela’s total deposits stood at an estimated 296.5 billion barrels at the end of last year, according to the annual Statistical Review of World Energy published Wednesday. That compared to Saudi Arabia’s 265.4 billion barrels.

Oil reserves in Venezuela now account for about 17.9 precent of the world’s oil; Saudi Arabia hold 16.1 percent; whilst Canada are third with 10.6 percent.

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.