Map Shows How Venezuela’s Oil Reserves Compare to Rest of World
Summary
Venezuela has the largest proven oil reserves in the world, with about 303 billion barrels. However, the country faces challenges using these reserves due to political instability, U.S. sanctions, and the difficulty of extracting its heavy crude oil. Recent U.S. military intervention in Venezuela has added to the tensions surrounding the country’s oil resources.Key Facts
- Venezuela holds about 303 billion barrels of proven oil reserves, the largest in the world.
- The country struggles to profit from these reserves due to political instability and U.S. sanctions.
- Venezuela’s oil requires complex and costly refining processes, making it less competitive.
- The U.S. recently engaged in military action in Caracas and captured President Nicolás Maduro.
- Venezuela’s oil reserves represent about 18% of the world’s total oil supply.
- Globally, Venezuela, Saudi Arabia, Iran, and Canada control more than half of the world’s oil reserves.
- In 2023, Venezuela’s oil exports were $4.05 billion, far less than Saudi Arabia and the United States.
- Proven reserves are the amount of oil experts believe can be extracted with current technology and economic conditions.
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