Iran's proven oil reserves are upgraded by 24.4% according to OPEC.
The Organization of Petroleum Exporting Countries (OPEC) said in its annual statistical bulletin that Iran's proven reserves were upgraded by 24.4% to 143.1 billion barrels.
In the long run the boost in reserves, which comes alongside increases from Iran, may empower members of OPEC who favor a defense of high prices.
Iran, Venezuela and Iraq were part of a group that refused to endorse a Saudi-led push to hike output at an acrimonious OPEC meeting June 8.
... Payvand News - 07/19/11 ... --