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In a report that should delight Hugo Chavez, the U.S. Geological Survey has DOUBLED its estimate of oil reserves for Venezuela's Orinoco Basin to 513 million recoverable barrels of oil or double the previous amount. The new estimate puts the reserves well ahead of Saudi Arabia’s total of 266 billion barrels. But unlike lighter Middle Eastern crude which is inexpensive to recover, Venezuelan oil is “extra heavy” and more expensive to process.
