Turkey's Energy Minister Taner Yildiz (L) talks to the media next to the Venezuela's Oil Minister Rafael Ramirez (R) during an official meeting at the headquarters of the state-run oil company PDVSA in Caracas. -Reuters Photo

CARACAS: Venezuela has surpassed Saudi Arabia to become the nation with the largest proven crude oil reserves in the world, at 297 billion barrels, Oil Minister Rafael Ramirez said Wednesday.

“At the end of 2010 we had a level of 217 billion barrels of oil, and right now at the start of this year we can certify 297 billion barrels,” the minister said at a press conference.

OPEC-member Venezuela, Latin America's leading exporter of crude, has claimed steadily increasing proven oil reserves in recent years including a 23-per cent increase one year ago, due largely to the heavy and extra-heavy oil in Venezuela's Orinoco Belt.

Opinion

Editorial

Out of control
Updated 19 Feb, 2025

Out of control

AS bodies continue to fall in Kurram despite a state-sanctioned ceasefire, one wonders how long local militants’...
Hollow words
19 Feb, 2025

Hollow words

IT is not uncommon for politicians to resort to the use of hyperbole in order to boost their public standing. ...
Migration matters
19 Feb, 2025

Migration matters

THE grass, it seems, did appear greener on the other side to millions of people as evidenced by the latest UN ...
Cholistan project
Updated 18 Feb, 2025

Cholistan project

GPI goals align with Pakistan's broader economic aims but the manner in which the initiative was launched raises questions.
Right to know
18 Feb, 2025

Right to know

IT is an unfortunate paradox that while on paper Pakistan has some of the most impressive right to information laws,...
Dam dispute
18 Feb, 2025

Dam dispute

THE situation in Chilas needs attention and a fair-minded approach so that it can be resolved amicably. Diamer ...