Venezuela says oil reserves grew 30 percentadmin
Venezuela’s proven crude oil reserves have increased by 30 percent, the country’s oil minister told a meeting of South American energy ministers.
Oil Minister Rafael Ramirez said Venezuela now has 130 billion barrels of proven oil reserves. After Canada’s massive reserves of harder-to-process oil sands, that is the biggest reserve outside the Middle East.
Ramirez said Venezuela added 30 billion barrels to its total last month, and plans to quantify additional heavy crude deposits in the country’s Orinoco River basin.