June Goh(@JuneGoh_Sparta):Oil market terminology can be very confusing. The latest one is the word 'Reserves". Proven Reserves: Volumes of oil that is judged to be recoverable from known accumulations with around 90% certainty. So the oil is there and you can technically get it out with current technology. Strategic Petroleum Reserves (SPR): Physical inventory already produced and stored for emergency supply disruption. So.... Is Venezuela's 300 bn barrels of oil reserves easy to extract? No. The crude is extra-heavy and so viscous that at reservoir temperature, it barely flows. Can you move the Venz proven reserves into SPR, like within the next few months, for emergency supply disruption purposes? No. #oott

2026.08.31 02:20

Oil market terminology can be very confusing. The latest one is the word 'Reserves". Proven Reserves: Volumes of oil that is judged to be recoverable from known accumulations with around 90% certainty. So the oil is there and you can technically get it out with current technology. Strategic Petroleum Reserves (SPR): Physical inventory already produced and stored for emergency supply disruption. So.... Is Venezuela's 300 bn barrels of oil reserves easy to extract? No. The crude is extra-heavy and so viscous that at reservoir temperature, it barely flows. Can you move the Venz proven reserves into SPR, like within the next few months, for emergency supply disruption purposes? No. #oott#

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