Venezuela Seeks To Prove It Has World’s Largest Oil Reserves

Venezuela has the largest proven oil deposits outside the Middle East, but President Hugo Chavez believes his country has the largest reserves in the world and he plans to prove it.

In recent months, Chavez has repeatedly boasted that Venezuela’s estimated 78 billion barrels in conventional reserves, coupled with an estimated 238 billion barrels of tar oil in the nation’s so-called Orinoco Belt, “are the largest petroleum reserves in the world.”

According to a statement released Sunday by the state-run oil company Petroleos de Venezuela SA., or PDVSA, Venezuela’s proven oil reserves have been underestimated because reserves from the Orinoco Belt were not included in previous studies calculating all the nation’s oil reserves.
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