What resources does Venezuela have — apart from the world’s most oil?
Summary
The U.S. government, under President Donald Trump, plans to help Venezuela restore its oil production and expand its mining sector after recent political issues. Venezuela is known for having the largest proven oil reserves in the world, along with significant natural gas and gold resources. China is the main buyer of Venezuela's oil, with the U.S. being the second largest.Key Facts
- Venezuela has the largest proven oil reserves in the world, estimated at 303 billion barrels in 2023.
- The Orinoco Belt is a key area for oil in Venezuela, containing extra-heavy crude oil.
- Political instability and U.S. sanctions have affected Venezuela's oil production.
- In 2024, Venezuela produced an average of 952,000 barrels of oil per day.
- China is the largest importer of Venezuelan oil, followed by the United States.
- Venezuela ranks ninth globally for natural gas reserves, with about 5.5 trillion cubic meters.
- Venezuela holds the largest official gold reserves in Latin America, worth more than $23 billion.
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