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.
"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 "demonized" and offered to give up much-criticized decree powers a year ahead of schedule.
see the piece in CNBC