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News that should make econovore China very happy.
OPEC member Venezuela has surpassed Saudi Arabia in estimated known oil reserves...says OPEC.
Its reserves grew by 40%... between 2009 and 2010... to 296.5b bbls vs reserve stagnation in Saudi Arabia at 264.52b bbls.
OPEC lists non members Brasil with reserves of 12.86b...and Mexico with 11.69b bbls.
OPEC member Ecuador had reserves of 7.2b bbls...10% more than in 2010.
Venezuela, so far, has agreed to send $32b of its oil to China in various deals.
However, most Venezuelan oil is "sour"/sulphur heavy...and less desirable than sweeter Saudi crude.
