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"If it was a light switch like that the system would be flooded and it would be difficult to cope, but the reality is that it will be more natural," he said.
During the Chávez presidency, Venezuela reclassified its reserves. Previously, there were thought to be just 80 billion barrels of extractable oil, but by 2011, its reported figure had nearly quadrupled. That statistical change was made possible by high oil prices at the time, which allowed previously unviable projects to look feasible.