Venezuelan Oil Reserves Rise to Over 80 Billion Barrels
Posted on: Tuesday, 18 October 2005, 09:00 CDT
Venezuelan oil reserves rise to over 80 billion barrels
CARACAS, Oct. 17 (Xinhua) -- Venezuela's confirmed oil reserves were 80.58 billion barrels last year, an increase of 3.44 billion barrels as compared to that of 2003, the Energy and Petroleum Ministry said on Monday.
It added that gas reserves in the country also rose to more than 150 trillion cubic feet last year.
According to the ministry, Venezuela's oil and gas reserves will guarantee a reliable supply of non-renewable natural resources to Venezuela's customers.
Venezuela is the world's fifth largest oil exporter. Oil exports account for nearly half of the government revenues.
Venezuela is a key crude supplier to the United States, providing the latter with 1.5 million barrels per day.
President Hugo Chavez has repeatedly said Venezuela has a "strong oil card" to play against the United States, which Caracas accused of being involved in a failed coup in April 2002.
Source: Xinhua News Agency - CEIS
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