According to an article that was released about a week ago by msnbc about this, the amount of Venezuelan reserves recognized by OPEC, has increased by 40 percent from the end of 2009. Part of the reason for Venezuela surpassing Saudi Arabia, are a result of what the New York Times Called, Huge deposits of heavy crude found in the Orinoco region. I find this report fascinating because that means the western hemisphere has a lot more oil than originally thought!
Now a Change in U.S. Relations?
The large oil reserves and OPEC contributions that Saudi Arabia makes, seems to keep the pressure off of their government for reforms to a more democratic and free society. This type of pressure has been exerted on other countries by powerful and influential institutions such as the United States government. Saudi Arabia seems to get a pass in this category and their large oil supplies seems to be the reason why. It makes me wonder if U.S. Corporations and the U.S. government is now going to cozy up to Mr. Chavez now that they know he is holding a major trump card which literally translates to, holding the world's largest oil reserves! I read the newspapers everyday and this story seems to have been marginalized. I haven't seen many articles written about it, but I have a feeling we will be hearing more about it in the very near future.