Caracas, Jan. 17: Venezuela has overtaken Saudi Arabia as the world leader in oil reserves with certified deposits leaping to 297 billion barrels at the end of 2010, the government of the President, Mr Hugo Chavez, said on Saturday.
The energy minister, Mr Rafael Ramirez, said the new reserves, which pushed the total 41 per cent higher than the previous year, were booked in the South American OPEC member’s vast Orinoco extra heavy crude belt.
A jubilant Mr Chavez told Parliament that Venezuela’s reserves now surpassed those of Saudi Arabia.
“We have enough for 200 years,” the former soldier said in a speech in which he denied he was a dictator, complained that he was being unfairly “demonised” and offered to give up much-criticised decree powers a year ahead of schedule.
There are suggestions that countries have exaggerated their oil reserves in the past, though producers deny this. Some analysts say some OPEC members’ reserves figures have not changed in years, suggesting new discoveries had exactly matched output, while others say the lack of independent verification gave rise to doubts.