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Running out of oil?

Venezuela has a lot of oil according to this report (ht: Drudge via reader David Williamson):

According to US sources, Venezuela holds 90% of the world’s extra heavy
crude oil – deposits which have to be turned into synthetic light crude
before they can be refined and which only become economic to operate
with the oil price at about $40 a barrel. Newsnight cites a report from
the US Energy Information Administrator, Guy Caruso, suggesting
Venezuela could have more than a trillion barrels of reserves.

Chavez’s claim is 200 years of oil. He’s happy to supply it as long as the price is right:

Venezuelan president Hugo Chávez is poised to launch a bid to transform
the global politics of oil by seeking a deal with consumer countries
which would lock in a price of $50 a barrel.

A long-term agreement at
that price could allow Venezuela to count its huge deposits of heavy
crude as part of its official reserves, which Caracas says would give
it more oil than Saudi Arabia.

"We have the largest oil reserves
in the world, we have oil for 200 years." Mr Chávez told the BBC’s
Newsnight programme in an interview to be broadcast tonight. "$50 a
barrel – that’s a fair price, not a high price."

I guess the peak may be a little further off than some are claiming.

Why oil is like pistachios.