How much oil does Venezuela have?

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.

Does Venezuela have more oil than any other country?

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.

Who produces the most oil in the world?

What countries are the top producers and consumers of oil?

Country Million barrels per day Share of world total
United States 18.60 20%
Saudi Arabia 10.82 11%
Russia 10.50 11%
Canada 5.26 6%

How much oil is left in the world?

The Organization for Petroleum Exporting Countries reports that there are 1.5 trillion barrels of crude oil reserves left in the world. These are proven reserves that are still capable of being extracted by commercial drilling.

Why is Venezuela poor if it has oil?

The crisis intensified under the Maduro government, growing more severe as a result of low oil prices in early 2015, and a drop in Venezuela’s oil production from lack of maintenance and investment. … Most observes cite anti-democratic governance, corruption, and mismanagement of the economy as causes of the crisis.

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Why can’t Venezuela sell its oil?

Venezuela has greater oil stores than any other country. But after years of corruption, mismanagement and more recently U.S. sanctions, its oil output has dropped to a tenth of what it was two decades ago. … The country is on course, by the end of this year, to be pumping little more oil than the state of Wyoming.

Will Venezuela’s oil sector ever recover?

Moshiri predicts that Venezuela’s economy will begin to recover with the production of 1.5 million bpd of oil through an investment of between $5 billion and $8 billion. He believes an investment of $25 billion to $28 billion by 2028 would lead to the production of around 2.5 million bpd.

Which country has the most oil 2021?

Here are the 10 countries with the most oil production: United States (12108) Russia (10835)

Oil Production By Country 2021.

Country Crude Oil Production (thousands barrels per day) 2021 Population
United States 12108 332,915,073
Russia 10835 145,912,025
Saudi Arabia 9580 35,340,683
Iraq 4620 41,179,350