Tuesday, January 25, 2011

Venezuela Has World's Largest Oil Reserve

Venezuela has world's largest oil reserves!

Wednesday, 19 January 2011 21:43

CARACAS - Venezuela says it has dethroned fellow OPEC member Saudi Arabia to become the nation with the largest proven crude oil reserves in the world, at nearly 300 billion barrels.

"At the end of 2010, we had a level of 217 billion barrels of oil, and right now at the start of this year, we can certify 297 billion barrels," Oil Minister Rafael Ramirez said Wednesday.

Saudi Arabia, long the world's top producer and exporter of crude, has some 266 billion barrels of oil, according to the Organization of the Petroleum Exporting Countries.

Venezuela, Latin America's leading exporter of crude, has claimed steadily growing proven oil reserves in recent years, including a 23 percent increase one year ago due primarily to oil certifications in its vast Orinoco Belt.

A jubilant President Hugo Chavez, at the helm of the socialist country that nationalized most of its energy industry in 2007, hailed the new figures, saying they ensure the country's long-term energy sustainability.

"With these reserves to date, and the pace of our operations, Venezuela has enough oil for 200 years. No country on this planet has oil for 200 years," Chavez said.-AFP

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