Venezuela Surpasses Saudi Arabia in Oil Reserves

According to the Organization of Petroleum Exporting Countries’ study released July 19, Venezuela is leading the 12-country organization in crude oil reserves. In 2010, Venezuelan reserves totaled 296.5 billion barrels, while Saudi Arabia maintained reserves at approximately 265.4 billion barrels. Despite muttering between the United States and Venezuela, the United States now, perhaps more than ever, depends on Venezuela due to the U.S.’s notoriously high demand for oil. Since 2005, Venezuelan oil company Citgo has been in partnership with the U.S. Since the relationship began, advertising for the Venezuelan company has been increasingly prevalent throughout the United States. In times of need, such as immediately following Hurricane Katrina, the influence exerted by Venezuela through its aid signifies that Venezuela is now a major geopolitical factor for the U.S. as well as worldwide.

Source: New York Times