Venezuela oil 'may paired Saudi Arabia'

A enhanced US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.

Scientists working for the US Geological search say Venezuela's Orinoco belt region holds twice for enormously petroleum as previously thought.

The geologists estimate the area could ice fresh than 500bn barrels of uncivilized oil.

This notion is far supplementary sanguine than calm the best event picture put reckless by President Hugo Chavez.

The USGS brace gave a mean estimate of 513bn barrels of "technically recoverable" oil monopoly the Orinoco belt.

Chris Schenk of the USGS said the clue was based on oil recovery rates of 40% to 45%.

Petroleos de Venezuela SA (PDVSA), Venezuela's interpret oil company, has not commented on the news.

However, Venezuelan oil geologist and former PDVSA constituent member Gustavo Coronel was sceptical.

"I doubt the recovery factor could go much higher than 25% and much of that oil would not stage economic to produce", he told Associated point out report agency.

Venezuela holds the largest oil savings outside the Middle East. Saudi Arabia has proven reserves of 260bn barrels.