MercoPress. South Atlantic News Agency

OPEC holds 77.2% of proven global oil reserves

The Organization of Petroleum exporting countries, OPEC, holds 77.2% of the world's proven reserves and 49.3% of natural gas, according to the latest Annual Statistical Bulletin for 2006, an anticipation of which was released this week in Vienna but will be officially presented on September 13.

According to OPEC total proven world reserves of crude in 2006 totaled 1.195.318 million barrels, (mb), which is 0.5% higher than in 2005. Of that volume 922.482 mb -77,2%- are under the control of OPEC twelve country members, Algeria, Angola, Indonesia, the Islamic Republic of Iran, Iraq, Kuwait, the Socialist People's Libyan Arab Jamahiriya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. This represents a 1% increase over Opec 2005 with 913.289 mb. El highest increase was registered in Venezuela with 87.035 mb, 8.8% up from 2005. With 264.251 mb, Saudi Arabia is the world's country with the largest proven oil reserves followed by Iran 138.400 mb; the group of countries formerly belonging to the Soviet Union 128.254 mb; Iraq 115.000 mb and Kuwait, 101.500 mb. Venezuela leads by far in Latinamerica very much ahead of Mexico, 12.90 mb and Brazil, 12.18 mb. Statistics also show that during 2006 OPEC daily exports of crude and other products averaged 27.78 million barrels per day, up 40.000 bpd from 2005. But in spite of that increase the cartel's participation in the global market dropped from 43.9% in 2005 to 43.3% in 2006.