How Venezuela Ranks Among Countries With The World’s Largest Oil Reserves
Venezuela holds the world’s largest proven crude oil reserves, with more than 300 billion barrels, placing it ahead of every other oil-producing nation. Despite this vast natural wealth, the country’s oil output tells a very different story.
The spotlight returned to Venezuela following a surprise operation on Saturday that resulted in the capture of President Nicolás Maduro and his wife. However, the size of Venezuela’s oil reserves was not cited as the reason behind the move.
According to the Trump administration, Maduro’s arrest was part of a law enforcement action. The Venezuelan leader has been indicted on drug trafficking and weapons charges and is currently awaiting his first court hearing while being held in a notorious Brooklyn jail.
That said, oil became a major talking point soon after. During a press conference on Saturday, Donald Trump indicated that with Maduro removed from power, the United States would now turn its attention to Venezuela’s vast oil reserves.
"We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country," Trump said.
Trump was critical of Venezuela’s current oil industry, calling it a "bust" and adding that it is "nothing by comparison to what they could have been pumping, and what could have taken place."
Despite possessing nearly one-fifth of the world’s total oil reserves, Venezuela contributes less than 1% of global daily crude oil production. Years of underinvestment, sanctions, and deteriorating infrastructure have severely impacted its output.
To put Venezuela’s oil wealth into perspective, data from OPEC shows how its reserves compare with other oil-rich countries around the world. It is important to note that the figures do not include oil sands deposits, which make up a significant portion of Canada’s proven crude oil reserves.
As global energy markets continue to watch developments closely, Venezuela’s position as the country with the largest oil reserves in the world remains undisputed even as production struggles to keep pace with its potential.
The spotlight returned to Venezuela following a surprise operation on Saturday that resulted in the capture of President Nicolás Maduro and his wife. However, the size of Venezuela’s oil reserves was not cited as the reason behind the move.
According to the Trump administration, Maduro’s arrest was part of a law enforcement action. The Venezuelan leader has been indicted on drug trafficking and weapons charges and is currently awaiting his first court hearing while being held in a notorious Brooklyn jail.
That said, oil became a major talking point soon after. During a press conference on Saturday, Donald Trump indicated that with Maduro removed from power, the United States would now turn its attention to Venezuela’s vast oil reserves.
"We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country," Trump said.
Trump was critical of Venezuela’s current oil industry, calling it a "bust" and adding that it is "nothing by comparison to what they could have been pumping, and what could have taken place."
Despite possessing nearly one-fifth of the world’s total oil reserves, Venezuela contributes less than 1% of global daily crude oil production. Years of underinvestment, sanctions, and deteriorating infrastructure have severely impacted its output.
To put Venezuela’s oil wealth into perspective, data from OPEC shows how its reserves compare with other oil-rich countries around the world. It is important to note that the figures do not include oil sands deposits, which make up a significant portion of Canada’s proven crude oil reserves.
As global energy markets continue to watch developments closely, Venezuela’s position as the country with the largest oil reserves in the world remains undisputed even as production struggles to keep pace with its potential.
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