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News // News worldwide

Venezuela is the clear global leader in oil reserves

02 August 2018 , 14:07Daniel J. GraeberNeftegaz.RU586

Caracas, August 2 -Neftegaz.RU. While the United States is the production leader, its reserves are only 10 % of what Venezuela has, a report from Italian Eni found.

 

Eni's 17th annual review found total oil reserves declined 0.2 % last year in part because of declines in some members of the OPEC. Total production last year was relatively unchanged from 2016, though the U.S. and Canada were among the largest producers outside of OPEC. Last year marked the start of an OPEC policy to balance the market with coordinated production control measures.

 

«On the supply side, the U.S. continues to be the main game-changer,» Eni's CEO Claudio Descalzi stated in the report. «While world production remains nearly flat with respect to last year, the U.S. delivered one of the biggest increased in non-OPEC area production and confirms its leadership among producers.»

 

The 4 -week moving average for total U.S. production for the week ending July 20 was 10.95 million barrels per day, a 16.6 % increase from the same period last year. That beats Saudi Arabia by about a half million barrels per day, based on the kingdom's June average.

 

For total reserves, however, the U.S. was not in the top 10. Those honors went to Venezuela, Saudi Arabia and Canada, respectively. While the U.S. was the top producer last year, its total reserves represented about 10 percent of Venezuela's 302 billion barrels of oil.

 

Venezuela is facing growing isolation following the May election victory for Venezuelan President Nicolas Maduro. The International Monetary Fund in an outlook on Latin America said the country's economy is in a profound crisis and inflation is on pace to surge to 1 million percent by the end of the year.

 

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