ErikBee

Petroleum Exporting Countries (OPEC) released the latest data show beyond Venezuela, Saudi Arabia, the world's largest proven oil reserves of the country. However, many oil industry analysts believe that Venezuela's new mining and processing of proven crude oil is difficult and will not significantly affect the formation of the crude oil market.

OPEC's latest annual statistical report shows that in 2010, Venezuela's proven crude oil reserves of 2965 billion barrels, representing the Venezuelan government announced the end of 2009 increased 40% 2111 billion barrels, more than 2645 billion barrels in Saudi Arabia. Iran and Iraq has proven reserves in OPEC's 12 member states were ranked third and fourth.

Venezuelan President Hugo Chavez said in January this year, Venezuela's proven crude oil reserves increased substantially more than Saudi Arabia. OPEC aspects of this argument ultimately confirmed.

Many analysts believe that Venezuela's proven crude oil production has "water" suspect; new proven crude oil and heavy oil is mainly overweight, mining is difficult and expensive. "Unlike crude oil, as excess liquidity," the U.S. energy economy is responsible for strategic research and consulting firm, said Michael Lynch, "If you transport heavy oil, you must be careful that it solidified."

Venezuela, the main reservoir zone is located in the eastern Orinoco River basin. Experts believe that the full exploitation of oil resources in the region need a lot of money, excellent technical and professional staff. Jason Schenker, an energy analyst said, to increase crude oil production, Venezuela requires cooperation with foreign oil companies. Chavez became president is committed to promoting the nationalization of the oil industry, lead to a lot of opposition. In 2003 a strike, the Venezuelan government expelled a large number of oil companies managers and staff.

Lynch believes that the crude oil market, crude oil reserves than Saudi Arabia Venezuela only symbolic significance. "If you're in charge of an oil company, you know, heavy oil reserves can not be considered." Independent analyst Andrew Li Bao hold the same view: "This is different from that of a huge new oil reserves."

In the analysts view, although the lost crude oil reserves of the "top spot", but as the largest OPEC oil producer and the largest country in redundant production capacity, Saudi Arabia in OPEC's position within the short period of time will not be shaken.