What does 303 billion barrels of Venezuelan oil look like?
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Venezuela's estimated 303 billion barrels of crude oil can be converted into various fuel products and household items through the refining process. A barrel typically produces around 73 litres of petrol, which is used to power cars and trucks. If all of Venezuela's crude oil were refined into petrol, it could supply US vehicles for approximately 40 years at current consumption rates. The US Energy Information Administration reports that nearly 9 million barrels of petrol are consumed daily by the country's 285 million motor vehicles. One barrel of oil can fuel a pick-up truck for around 730km or 450 miles. The scale of Venezuela's oil reserves has significant implications for global energy demand and supply.
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