(MENAFN) British Petroleum, in its annual Statistical Review of World Energy, placed Venezuela on top of the world's largest holder of proven oil reserves, overtaking Saudi Arabia, Arabian Business reported.
According to BP's figures, Venezuela's deposits stood at 296.5 billion barrels at the end of last year, while Saudi Arabia held 265.4 billion barrels.
The South American country currently holds 18 percent of the world proven crude reserves, followed by Saudi Arabia with a 16 percent share, and Canada with 175.2 billion barrels, or 11 percent share, according to the report.
Global reserves rose to 1.65 trillion barrels at the end of last year, a 1.9 percent increase from a revised 1.62 trillion in 2010, BP said.
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