Venezuela has a lot of oil

• Venezuela has the most proven oil in the world — about 300 billion barrels, which is more than any other country.

🛢️ Oil vs. Reality

• Even though it has huge oil reserves, Venezuela does not produce as much oil right now because of problems like old equipment, lack of investment, and past sanctions.

🇺🇸 What the U.S. is doing

• The U.S. government wants to use Venezuelan oil and rebuild the oil system there with investments.

• Part of the idea is to sell some Venezuelan oil at normal prices and use the money for different things.

🚢 Changes in buyers

• In the past, countries like China bought most of Venezuela’s oil. Now the U.S. is trying to redirect more of that oil to American markets.

⚠️ Important details

• Having a lot of oil does not automatically mean big profits or easy production. Many experts say Venezuela’s oil industry needs a lot of rebuilding before it can produce big amounts again.
  

• Venezuela has a lot of oil