Venezuela Oil Reserves Surpass Saudi Arabia’s?
January 16th, 2011Via: Reuters / CNBC:
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, President Hugo Chavez’s government said Saturday.
Energy Minister Rafael Ramirez told Reuters that the new reserves, which pushed the total 41 percent higher than the previous year, were booked in the South American OPEC member’s vast Orinoco extra heavy crude belt.
A jubilant Chavez told parliament that Venezuela’s reserves now surpassed those of Saudi Arabia.
Kinda old news, Venezuela has been tied for reserves for several years. Problem was Vs heavy vs Saudi light.
Hence the US incompotence in controlling V reserves vs China; the Truman doctrine slid under the last 30 years of Bush Clinton Bush (ZBig?) focus on Asia.
However, apparently V is still 80% capitalism. Yet for the few thin dimes Chavez has been able to apply to the Bolivian ideal , his efforts have been statistically marvelous for the underclass.
The whole concept of reserves is pretty Texas Hold-Em, that’s for sure. And you’re right that there are very vast differences in ‘quality’ of crude reserves vs. quantity…which is why Oil Corps are sinking needle-thin drill-lines 5 miles under the Gulf of Mexico while simultaneously stripping tar-sands in Canada.
But I also caution against thinking that Chinese ‘authorities’ somehow have a better overall understanding of oil than the US ‘authorities’…they don’t – no way, no how. I don’t know for sure what’s happening in the world, but if I had to bet on where the QUALITY oil is, I’d bet on where the US/UK military forces are….