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article imageVenezuela set to take over Saudi Arabia in oil reserves this year

By Andrew Moran     Jul 13, 2010 in Business
Caracas - When registration for the oil deposits in the Orinoco Belt comes to an end, Venezuela could take over Saudi Arabia as the world's largest holder of oil reserves. Venezuela would hold 316 billion barrels of oil compared to Saudi Arabia's 265 billion.
By the end of 2010, the nation of Venezuela will replace Saudi Arabia as number one when the Latin American country becomes the world’s largest holder of oil reserves, according to Reuters Africa.
At the present time, Venezuela is the largest holder of oil reserves among OPEC members outside of the Middle East. Saudi Arabia is the world’s largest holder right now with more than 260 billion barrels of oil.
“We hope to end 2010 with the incorporation of (another) 105 billion barrels of proven reserves. With this achievement, Venezuela would become the country with the biggest certified crude reserves (316 billion barrels) on the planet,” said the government of Venezuela in an official statement.
However, to extract oil from the Orinoco Belt takes sophisticated and expensive technology and expertise from those in the oil field as it is ultra-heavy crude, reports Press TV. Majority of Saudi Arabia’s oil is light and easily pumped.
Reports from the last several years have stated that the years of pumping light oil is coming to an end and majority of the oil left is much more difficult to produce.
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