VENEZUELA HAS THE WORLD’S LARGEST OIL RESERVES — BUT REAL OUTPUT IS FAR LOWER
Venezuela sits on the largest proven oil reserves on Earth, with about 303 billion barrels, accounting for roughly 17–20 % of global reserves — more than Saudi Arabia, Iran, Canada, Russia, or the U.S. individually. �
Visual Capitalist +1
That massive resource base is concentrated in the Orinoco Belt, where extra‑heavy crude requires specialized extraction and refining. �
Visual Capitalist
🛢️ Huge reserves ≠ huge production
Despite having the most oil underground, Venezuela’s actual output remains low — a fraction of its potential. Production has tumbled to under 1 million barrels per day, far below historic peaks due to years of underinvestment, infrastructure decay, mismanagement, and sanctions. �
Reuters
📉 Why this matters now
The United States reportedly now controls and markets a portion of Venezuelan crude amid recent political developments, shifting global oil flows toward U.S. and European refiners, while traditional buyers like India see limited access. �
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This combination of vast resource potential and low current output — shaped by geopolitics and policy — creates ongoing volatility in energy markets, global crude pricing, and related assets like currencies and crypto.
🔎 Important context for traders:
Oil reserves reflect long‑term potential, not guaranteed daily supply.
Sanctions and politics, not geology, are the biggest current constraints on Venezuelan output.
Global markets respond to real‑time production changes more than reserve totals.
👉 Always do your own research before trading.
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