Venezuela Oil Reserves Rise

Venezuela plans to increase its oil output from 2.4 million to 5.9 million barrels a day by 2012 after announcing oil reserves have risen to 100 billion barrels.

The energy and oil ministry says it has certified 12.4 billion additional barrels of proven reserves in the country's Faja del Orinoco region, according to Bloomberg reports.

The government also expects to certify more than 200 billion barrels of crude oil reserves in the Orinoco Magna Reserve project.

By staff writer