What resources does Venezuela have — apart from the world’s most oil?
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Following the abduction of Venezuela's president, the US government has expressed interest in revitalizing Venezuela's oil and mining sectors. Venezuela holds the world's largest proven oil reserves, estimated at 303 billion barrels in 2023, concentrated in the Orinoco Belt. This region contains extra-heavy crude oil, which requires advanced refining techniques. While Venezuela was once a major oil exporter to the US, political instability, mismanagement, and sanctions have decreased production. In 2024, Venezuela produced an average of 952,000 barrels per day, with China being the largest buyer. The country also possesses the ninth-largest natural gas reserves and untapped mineral resources, including gold.
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This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).
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