The Venezuelan Oil and Mining Ministry announced Monday its proven crude oil reserves amount to 298.35 billion barrels, meaning Venezuela is home to the world's largest oil reserves. The ministry said it was adding 1.673 billion barrels to its inventory from reserves located in the Orinoco Belt and other areas, according to official government newspaper Gazette. Sites throughout the Orinoco region have been certified to have an additional 467.246 million barrels, while the oilfields in the region of Junin have contributed another 1.206 billion barrels. The world's fifth largest oil producer, Venezuela's state oil company PDVSA has, through technological advances, been able in recent years to better exploit and extract the nation's heavy crude.