Saudi surpassed by Venezuela as the largest holder of oil reserves

JEDDAH (Saudi Arabia): Venezuela surpassed Saudi Arabia to become the world’s largest holder of proven oil reserves. Canada ranks third with 175.2 billion barrels, according to the statistical review of World Energy 2012 statistical review.
Saudi Arabia now trails Venezuela with a 16 percent share of world proven oil reserves, the report continued.
The 2010 estimate for the Latin America nation increased from 211.2 billion in the previous report and it its deposits were at 296.5 billion barrels at the end of last year while Saudi Arabia held 265.4 billion barrels, the report said.
President Hugo Chavez of Venezuela wants to more than double the country’s oil- production capacity to 6 million barrels a day by 2019, according to a government plan released June 12.
Venezuela’s Oil minister Ramirez has said oil prices need to be higher than $100 a barrel. The recent down ward trend in crude oil price is dangerous for producers, the Oil Minister said in Vienna during the recent meeting of the Organization of Petroleum Exporting Countries to decide production quotas for the Organization member countries.