OPEC States that Venezuela has World’s Largest Oil Reserves
The Organization of Petroleum Exporting Countries, a notoriously conservative organization, has stated that Venezuela has world’s largest oil reserves, even exceeding those of OPEC’s top producer, Saudi Arabia.
Oil production in Venezuela is under the control of the state-owned Petróleos de Venezuela, S.A. company, or PDVSA.
Petroleum Intelligence Weekly lists PDVSA as the world's fourth largest oil company, due to its proven reserves, production, refining and sales, MercoPress news agency reported.
PDVSA has recently been roiled by a pension scandal where millions were lost when they were invested in a Madoff-type Ponzi scheme overseen by Francisco Illarramendi, a Connecticut-based hedge fund manager with