Venezuela holds 299,953,000,000 barrels of proven oil reserves as of 2016, ranking 1st in the world and accounting for about 18.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption.
How many oil reserves are in Venezuela?
Venezuela’s Independence Day
|Population (million inhabitants)||32.25|
|Current account balance (million $)||1,439|
|Proven crude oil reserves (million barrels)||303,806|
|Proven natural gas reserves (billion cu. m.)||5,674|
|Crude oil production (1,000 b/d)||1,012.6|
Does Venezuela have the most oil reserves?
Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. Saudi Arabia has the second-largest amount of oil reserves in the world with 266.5 billion barrels. Despite Venezuela’s large supply of natural resources, the country still struggles economically and its people are going hungry.
Is Venezuela a dictatorship?
Venezuela has a presidential government. The Economist Intelligence Unit rated Venezuela an “authoritarian regime” in 2020, having the lowest score among countries in the Americas.
How Long Will Venezuela oil reserves last?
Oil Reserves in Venezuela
Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption. This means that, without Net Exports, there would be about 1,374 years of oil left (at current consumption levels and excluding unproven reserves).
Who controls the world’s oil?
OPEC can influence world oil supplies and prices
OPEC includes countries with some of the world’s largest oil reserves. As of the end of 2018, OPEC members controlled about 72% of total world proved oil reserves, and in 2018, they accounted for 41% of total world crude oil production.
Does Venezuela have more oil than Saudi Arabia?
Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.
How much is a barrel of oil in Venezuela?
In May 2021, the price of Merey crude oil – Venezuela’s reference export blend – averaged 49.13 U.S. dollars per barrel, the highest figure reported since the outbreak of the COVID-19 pandemic.