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Venezuela's Hidden Oil: World's Biggest Reserves Untapped
5 Jan
Summary
- Venezuela possesses over 303 billion barrels of oil, the world's largest reserves.
- Despite vast reserves, Venezuela's oil output is only 1 million barrels daily.
- Most of Venezuela's untapped oil is concentrated in the Orinoco Belt region.
Venezuela possesses the world's most substantial proven oil reserves, estimated at over 303 billion barrels, representing approximately 17% of global reserves. This figure places the nation ahead of Saudi Arabia and dwarfs the reserves held by the United States.
However, despite this extraordinary natural wealth, Venezuela's current oil production is significantly hampered, standing at around 1 million barrels per day. This low output is largely attributed to the impact of ongoing US sanctions and years of insufficient investment in the sector.
The majority of Venezuela's substantial untapped oil resources are concentrated within the Orinoco Belt. This vast region, spanning approximately 21,000 square miles in northeastern Venezuela, holds the key to the country's potential oil production capacity, yet remains largely undeveloped.
