Saudi Arabia no longer has most crude oil in the world
This final note today. Just 'cause we haven't touched on oil in a while: crude closed up today just over $98 a barrel.
Told you that so I could tell you this. OPEC came out with an interesting report yesterday. It updated the rankings of countries with the world's biggest proven reserves of crude. Saudi Arabia? Yeah, not number one anymore. Politically challenging as that country is, the new number one is even moreso.
Venezuela, our fourth largest oil supplier, now has more crude than anybody else.