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OPEC announced last week that its proven oil reserves increased to 1.06 trillion barrels in 2009, and 22.5% of the increase was from Venezuela.
President Chavez’s government stated in a statement released last weekend: “We hope to add another 105 billion barrels of proven oil reserves by the end of 2010, when Venezuela will become the world’s country with the largest confirmed oil reserves (316 billion barrels). ".
According to OPEC announced last week, Saudi Arabia has 265 billion barrels of proven oil reserves, but Saudi oil reserves have a huge advantage. Most of Saudi Arabia’s oil reserves are light, regular, and easily exploitable crude oil.
Venezuela’s crude oil reserves are expected to surpass Saudi Arabia’s number one global
According to the Norwegian "Upstream Online" report on July 13 in Caracas, Venezuela hopes to surpass Saudi Arabia during the year and become the country with the largest proven crude oil reserves in the world. Venezuela will complete the registration of its huge Orinoco heavy oil reservoir by the end of this year.