Venezuela's proven oil reserves have exploded past Saudi Arabia in the annual statistical bulletin from OPEC.

Venezuela's reserves reached 296.5 billion barrels, up 40.4% year-on-year and higher than Saudi Arabia's 264.5 billion barrels. This number accepts controversial claims regarding the accessibility and quality of oil in the Orinoco Belt.

The boost in reserves to Venezuela along with Iraq and Iran are seen as supporting efforts to keep oil prices high, according to Dow Jones.

Here's a look at the new paradigm: