Pemex's chief of exploration and production Luis Corzo said the newly discovered reserves, totaling 54 billion barrels, will turn Mexico into one of the countries with the richest oil reserves in the world. The proven oil deposits in Iraq, the United Arab Emirates, Kuwait and Iran are respectively 112.5 billion barrels, 97.8 billion barrels, 94 billion barrels and 89.7 billion barrels. He also said Mexico's daily crude oil production will rise to 7 million barrels from the current 4 million, next only to the 7.5 million barrels in Saudi Arabia and 7.4 million barrels in Russia. Analysts cautioned that the cash-strapped Pemex may not be ableto extract the oil soon since deep-sea deposits need huge investments and technology-sharing deals to access. PIN//Xinhuanet