Geological surveys consistently rank the country as possessing the largest proven oil reserves globally, a title it has held for years. The resource is primarily extra-heavy crude and bitumen, which are thicker and more challenging to refine than the lighter sweet crudes found elsewhere.
Venezuela Heavy Sulfur Crude Quality and Its Impact on Oil Reserves
But when prices fall, as they did dramatically in the 2010s, the economy collapses. The industry faces immense technical, financial, and political hurdles.
This over-dependence has stifled the development of other sectors, particularly agriculture and manufacturing. Reserve Category Estimated Volume (Barrels) Key Characteristics Proven Reserves Approx.
Venezuela Heavy Sulfur Crude Quality and Its Impact on Oil Reserves
Production levels have plummeted, infrastructure is crumbling, and international companies have largely withdrawn. The human cost of this economic mismanagement is severe.
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