NumBytes 32: Oil Reserves

Amazing how $4 per gallon gas can bring out the new oil. According to Organization of Petroleum Exporting Countries (OPEC), Venezuela now has the largest proven crude oil reserves in the world, with 296.5 billion barrels in 2010, surpassing Saudi Arabia's 264.5 billion barrels. Iran also upped its proven reserves to 150 billion barrels -- keeping it in third place just ahead of Iraq's increase to 143 billion barrels. All deny they are inflating totals.

OPEC predicted world oil consumption would rise by 1.36 million barrels per day (bpd) expected in 2011 and 1.32 million bpd in 2012. The US Energy Information Administration predicted a rise of 1.4 million bpd in 2011 and 1.6 million bpd in 2012. The International Energy Agency predicted a rise of 1.2 million bpd in 2011 and 1.5 million bpd in 2012.

Two factions are competing for OPEC pumping policy: the Saudi Arabian-led faction pumped more to bring prices down below $100 per barrel (and to about $3.60 per gallon at the pump), while the Iran- and Venezuelan-led led faction want to restrict pumping to keep prices high. All of OPEC's proven oil reserves were up 12.1% to 1.19 trillion barrels -- 81.3% of world's total (up from 79.6% in 2009).

No matter which faction wins the pumping argument, you can bet consumer pain at the pump will continue. The US Energy Information Administration predicted gas will cost $3.56 per gallon in 2011 and rise to $3.65 per gallon in 2012 and that on-highway diesel fuel retail prices will average $3.86 per gallon in 2011 and $3.95 per gallon in 2012.