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Updated Friday, July 22, 2011 11:37 am TWN, AP

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Venezuela's oil reserves top Saudi Arabia: OPEC

CARACAS -- The Organization of Petroleum Exporting Countries' (OPEC) latest figures have Venezuela as the country with the biggest proven crude oil reserves ahead of Saudi Arabia. But analysts said Wednesday it's an increase largely on paper and unlikely to lead to changes within the organization or affect oil markets. Venezuela's proven crude reserves have risen to 296.5 billion barrels, surpassing Saudi Arabia's more than 264.5 billion barrels, the Organization of Petroleum Exporting Countries said in its annual statistical report issued last week.

“I don't necessarily think it's going to change the fundamental dynamics at OPEC,” said Jason Schenker, an energy analyst and president of Austin, Texas-based Prestige Economics LLC.

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