World Oil Deposits Update

Since "Tipping Point" was first broadcast, in 2012, according to the Organization of the Petroleum Exporting Countries (OPEC) and based on self-reporting by OPEC members, the countries with the largest proven oil reserves are:

#1: Venezuela: 296.5 billion barrels

#2: Saudi Arabia: 269 billion barrels

#3: Canada: 175.2 billion barrels

These figures are confirmed in the BP Statistical Review of World Energy 2012 report. OPEC countries do no typically permit third party verification of reserve size, and they base their production quotas on their reserve size, so it could be in their interest to overstate reserves. It is also often reported that the reserve numbers of OPEC countries are controversial. Venezuela only restated its reserves to take top spot in 2012, a year after "Tipping Point" was first broadcast. In Matthew Simmons' book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, he writes that ARAMCO and Saudi Arabia allow no verification of their own proven reserve numbers and the Ghawar field in Saudi Arabia is thought to hold less oil by independent oil analysts than is officially reported.

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