Geological surveys consistently rank the country as possessing the largest proven oil reserves globally, a title it has held for years. Orinoco Belt: The Crown Jewel The Orinoco Belt, or Orinoco Petroleum Belt, is the undisputed centerpiece of Venezuela's reserves.
Venezuela's Massive Oil Reserves: The Orinoco Belt Explained
But when prices fall, as they did dramatically in the 2010s, the economy collapses. The resource is primarily extra-heavy crude and bitumen, which are thicker and more challenging to refine than the lighter sweet crudes found elsewhere.
303 billion Largest globally on paper Orinoco Belt Share ~250-300 billion Extra-heavy crude, high sulfur content Historical Context and Production Peak Venezuela's modern oil story began in the early 20th century, with commercial production ramping up in the 1920s. Since then, a combination of underinvestment, mismanagement, corruption, and a lack of maintenance has led to a severe and sustained decline in output.
Venezuela's Oil Reserves: The Largest Globally
This vast geological formation in the eastern part of the country contains an estimated 250 to 300 billion barrels of recoverable oil. Hyperinflation has rendered the local currency nearly worthless, leading to shortages of food, medicine, and basic goods.
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