This Country Has World’s Largest Oil Reserves, But Is Still Poor, Not US, Russia, Iran, Saudi Arabia, UAE
Venezuela holds the world’s largest proven crude oil reserves, estimated at 303 billion barrels. Yet, instead of prosperity, the nation is gripped by poverty, runaway inflation, and economic collapse.
Despite its underground wealth, Venezuela’s oil sells cheaply due to its heavy, low-quality crude and a broken state-owned industry crippled by sanctions, corruption, and mismanagement.
Venezuela: Land of Oil
Venezuela holds the world’s largest oil reserves but suffers from crippling poverty.
The World’s Largest Oil Reserves
Venezuela reportedly has 303 billion barrels of proven crude reserves, more than Saudi Arabia, Iran, and Canada.
Why Venezuelan Oil Sells Cheap
Most Venezuelan oil is heavy and sulfur-rich, making it costly to refine and less attractive on global markets.
A Broken Oil Giant
State-owned PDVSA once powered Venezuela’s economy but now suffers from corruption, sanctions, and outdated infrastructure.
Exports That Barely Register
Venezuela exported only $4.05 billion worth of oil in 2023, far less than Saudi Arabia, the US, or Russia.
The Human Cost of Oil Wealth
Despite vast reserves, Venezuelans face hunger, shortages, and the world’s highest inflation.
