Opec oil reserves increase by 4%

07 July 2010

Opec's proven crude oil reserves rose by 4% in 2009 to 1.06 trillion barrels, according to the group's annual statistical bulletin, led by an increase in Venezuela, Reuters has reported. However, the value of its petroleum sales abroad fell to $575bn in 2009 from the record $1trn in 2008 due to sharply lower prices for oil and gas and because of the economic crisis. Opec members pump more than a third of the world's oil.

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