đŸ›ąïž Venezuela’s Oil Reserves

🌍 World’s largest proven oil reserves: Venezuela holds about 303 billion barrels of proven crude oil, making it #1 in the world by a significant margin.

💡 Share of global total: That amount represents roughly 17–18 % of all known recoverable oil reserves globally.

📍 Main source — Orinoco Belt: The vast majority of these reserves are located in the Orinoco oil belt in eastern Venezuela — a huge region rich in extra-heavy crude oil.

❓ Why Isn’t Venezuela a Top Oil Producer?

Despite having the most oil underground, Venezuela does not produce the most oil today. In fact:

Its daily oil output has fallen dramatically from historic highs and currently accounts for a small share of global production.

Much of Venezuela’s oil is extra-heavy crude, which is harder and more expensive to extract and refine than lighter oil found in many other countries.

Political challenges, economic issues, infrastructure decay, and sanctions have limited investment and production capacity.

đŸ›ąïž How It Compares to Other Countries

For perspective, the next largest reserves are in:

Country Proven Oil Reserves (approx)

đŸ‡»đŸ‡Ș Venezuela ~303 billion barrels

🇾🇩 Saudi Arabia ~267 billion barrels

đŸ‡źđŸ‡· Iran ~209 billion barrels

🇹🇩 Canada ~163 billion barrels

đŸ‡źđŸ‡¶ Iraq ~145 billion barrels

So while Saudi Arabia and others are close behind, Venezuela currently leads the world in proven oil reserves.

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