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Montevideo, October 20th 2018 - 08:44 UTC

In spite of 100 years of production, Venezuela claims world’s largest proven oil reserves

Wednesday, February 2nd 2011 - 18:06 UTC
Full article 3 comments

Venezuela holds 297 billion barrels of proven oil reserves, most of it in tar sands but sufficient to be ahead of Saudi Arabia considered by world experts the number one country in reserves. Read full article


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  • briton

    oil oil the world is full of oil,
    the sooner we come up with an alternative to oil, the sooner perhaps
    these greedy people get what they deserve, there must be a alternative somewhere .

    Feb 02nd, 2011 - 09:51 pm - Link - Report abuse 0
  • I

    good for Venezuela and the Chavistas who came out of corporate oprestion in 2001 to increase their reserve two folds, I am Chavez was a lot better then we gived him credit for.

    Feb 02nd, 2011 - 09:54 pm - Link - Report abuse 0
  • Beef

    If Chavez is so good then why are power outages common in what is a major oil producer? A = Nationalization creates great inefficiency

    Why does Venezuela now have to import coffee despite previously being a exporting nation? A = Production plummeted after nationalization

    Why was the recession longer and deeper in Venezuela when compared to the region? A = economic mismanagement and falling production created by nationalization. Without the oil reserves (and these are heavy grade, therefore more expensive to extract and refine) then Chavez would be looked at just like Mugabe of Zimbabwe.

    The guy is a paranoid lunatic like most (so called) socialist leaders. If you want improvement then free the people to make their own business decisions and genetate their own wealth. This is the only way to lift people our of poverty.

    Feb 02nd, 2011 - 10:12 pm - Link - Report abuse 0

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