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Strategies & Market Trends : World Outlook
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To: Les H who wrote (49355)12/9/2025 5:16:34 PM
From: Don Green  Read Replies (1) of 49435
 
Venezuela holds the largest proven oil reserves in the world, estimated at approximately 303 billion barrels, primarily located in the Orinoco Belt.



dg>>>Trump’s interest in Venezuela is more about the massive untapped oil reserves than anything related to drugs. The drug issue is just a distraction, a cover. What he’s really after is regime change and access to that oil.

Overview of Oil Reserves
Venezuela's oil reserves are recognized as the largest globally, with estimates around 303 billion barrels as of recent reports. This accounts for about 17% of the world's total oil reserves. The majority of these reserves consist of heavy and extra-heavy crude oil, which are more challenging to extract and refine compared to lighter crudes.

Historical Context
Venezuela's oil history dates back to the early 20th century, when oil was first discovered in the Lake Maracaibo Basin. The country quickly became a leading oil producer, attracting significant foreign investment. In the mid-20th century, the Venezuelan government nationalized its oil industry, leading to the establishment of Petróleos de Venezuela, S.A. (PDVSA), the state-owned oil company that has been central to the nation's economy.

Current Challenges
Despite its vast reserves, Venezuela's oil industry faces numerous challenges, including:
Production Levels
As of 2023, Venezuela produced approximately 742,000 barrels per day, a significant decline from previous years. This production level represents a 70% decrease from 2013 levels, highlighting the impact of the aforementioned challenges on the country's oil output.


U.S. Energy Information Administration (EIA)


In summary, while Venezuela possesses the largest proven oil reserves in the world, the effective management and extraction of these resources are hindered by economic, political, and infrastructural challenges.
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