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| Iran’s oil refining capacity growth, biggest in OPEC |
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 Iran’s oil refining capacity increased 18 percent last year, the biggest growth among OPEC members, according to the Annual Statistical Bulletin of the 12-member organization.Iranian capacity rose to 1.74 million barrels a day from 1.47 million in 2009 as facilities in Abadan, Arak, Tehran, Isfahan, Shiraz, Lavan and Bandar Abbas expanded, the Vienna-based Organization of Petroleum Exporting Countries said in its Annual Statistical Bulletin. Iran is trying to cut dependence on fuel imports after international sanctions over its nuclear program prevent foreign companies from doing business there. The set of statistics of OPEC also vindicate Iran's claims that sanctions aren't crippling the development of its oil and gas industry. For instance, crude oil exports from the Islamic Republic to Europe in 2010 rose 34.5% to 764,000 barrels a day on average. Venezuela oil reserves topped Saudis in 2010 OPEC’s report also declared that Venezuela's crude oil proven reserves surpassed those of Saudi Arabia in 2010. Venezuela's proven crude oil reserves reached 296.5 billion barrels in 2010, up 40.4% on the year and higher than Saudi Arabia's 264.5 billion barrels, OPEC said. In the long run, the boost in reserves, which comes along with increases from Iran and Iraq, may empower members of the group who favor a defense of logic prices for oil. However, there are doubts over whether all of Venezuela's heavy oil discoveries are actually economically viable. The data broadly confirm Venezuela's statements that it had reached this level of reserves in January. OPEC normally relies on its members' assessments for statistical data. Iraq's and Iran's proven reserves were also respectively upgraded by 24.4% to 143.1 billion barrels, and by 10.3% to 151.2 billion barrels, roughly in line with the countries' earlier disclosures. Venezuela, Iran and Iraq were part of a group that refused to endorse a Saudi-led push to hike output at a recent OPEC meeting on June 8. Analysts have questioned how economic Venezuelan reserves additions could be, as most come from the heavy and extra-heavy oil in the Orinoco Belt, which is difficult and expensive to extract. Overall, the numbers show OPEC members strongly benefited from higher oil prices in 2010, with the total value of their petroleum exports up 27.2% at $745.1 billion and their overall gross domestic product rising 11.2% to $2,325 billion. (Source: Agencies)   Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
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