Venezuela reports 142.3 billion in proven reserves

Proven oil reserves have increased by 9.4 percent over the past three months and reached 142.3 billion barrels, said the Venezuelan Ministry of Energy and Petroleum. Venezuela added 7.44 billion barrels to its proven reserves, which come from the following oil areas: Junín, block Junín 1, Iguana Zuata and Zuata Norte fields of the Orinoco Oil Belt, increasing total reserves to 142.3 billion barrels, said state-run news agency ABN. The country had reported proven reserves of 130 billion barrels last May.According to government estimates, Venezuela's oil output accounts for 3.2 million bpd. However, international firms claim that the South American country produces only 2.3 million bpd. Venezuela is a major oil supplier to the United States.