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Venezuela's Oil Reserves Surpass Those of Saudi Arabia

Monday, January 17th 2011 - 17:32 UTC
Full article 12 comments

Venezuela's president Hugo Chavez announced that his country's oil reserves total 217 barrels, topping Saudi Arabia's and making them the largest in the world.

“We have exceeded 217 billion barrels, but the certification process has not ended,” Chavez said Saturday during a review of his 2010 accomplishments before the newly installed National Assembly.

Venezuela’s total reserves could reach 300 billion barrels of crude based on new projections, and some U.S. experts estimate that they could total 500 billion barrels, with almost all the oil in the Orinoco Belt, the president said.

The Orinoco Belt, located in east-central Venezuela, is believed to hold the world’s largest petroleum reserves, with most of the oil heavy and extra-heavy crude that is more expensive to refine because it requires additional processing.

“We’ve said that we have 300 billion barrels, but the administration of President (Barack) Obama published a report saying that 500 billion barrels could be recovered there. That’s probably because they have more technology than we do,” Chavez said.

“Venezuela has petroleum for more than 200 years. No other country in the planet has reserves for 200 years,” the president said.

The price of a barrel of oil “will reach $100 and $200 because the reserves are running out,” Chavez said.

The president denied reports from opposition media outlets that Venezuela’s production had fallen below 2 million barrels per day.

“We are at 3 million and a little more barrels daily, and we have been increasing production from the Orinoco Belt,” Chavez said.

The president, moreover, said Venezuela would raise its ranking in gas reserves from No. 8 to No. 5.

Categories: Energy & Oil, Latin America.

Top Comments

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  • briton

    I think it would be fair to say that this man cannot be trusted, he will use this oil wealth, not for his people but to weld power in the world, and this makes him a dangerous man. It would also be fair to say that he hates the British, and loves Argentina, [leader only] with the arrogance of Argentina and the wealth and power of this man, violence could well be sooner rather than later,?????

    Jan 17th, 2011 - 07:36 pm 0
  • Fido Dido

    First I want to make clear, I disagree with Mr. Chavez and his policies. Second, he was chosen by his own people. Mr. Briton, do you have any single proof that Mr. Chavez hates the British? Maybe he dislikes the British who follow the US like a puppy, rather than thinking and acting for it self. I'm sure he also dislikes retards who just spur nonsense. We outside Venezuela should mind our own business and let Venezuelans fix their own problems. Let's not pretend as we outside Venezuela care so much about their problems. Argentina may be an arrogant nation, but let them, and if they want to be friends with Mr Chavez, so be it. It looks like you are wishing for violence in that nation of you? really? The good part is, thank god the UK doesn't matter anymore. I am also not going to pretend as if my country, Holland, matters, it doesn't and I don't care. All I care is about that my country has great relationships with all nations around the world and simply minds it own business. So please, stop acting as if the UK is one tough isn't.

    Jan 17th, 2011 - 08:36 pm 0
  • briton

    for a man from holland you talk a load of shit, if you wish to call people retards, then think of yourself, it was only an opinion, he does dislike the uk, and he does like argentina, lighthartedly it was, so if any retards like you wish to make an opinion make it original or piss of,

    Jan 17th, 2011 - 08:42 pm 0
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