oil production in Venezuela is only a quarter of what it had been in 2015.
Venezuela has the largest oil reserves worldwide. As of 2022, it had proved reserves amounting to more than 303 billion barrels. The majority of this amount was held within the Orinoco Belt rock deposits in the form of oil sands. However, despite its great potential, political turmoil and resulting sanctions by its most important importer, the U.S., has seen Venezuela's oil industry severely affected. Current Proved oil reserves worldwide in 1960 and 2022, by key countries (in million barrels)
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Other statistics that may interest you Oil industry in Canada
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Economic impact
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Companies
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Further related statistics
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- Countries with greatest recoverable oil reserves by reserve category 2020
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- Total potential oil reserves in Indonesia 2019-2022
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OPEC. (December 14, 2023). Proved oil reserves worldwide in 1960 and 2022, by key countries (in million barrels) [Graph]. In Statista. Retrieved June 01, 2024, from https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC. "Proved oil reserves worldwide in 1960 and 2022, by key countries (in million barrels)." Chart. December 14, 2023. Statista. Accessed June 01, 2024. https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC. (2023). Proved oil reserves worldwide in 1960 and 2022, by key countries (in million barrels). Statista. Statista Inc.. Accessed: June 01, 2024. https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC. "Proved Oil Reserves Worldwide in 1960 and 2022, by Key Countries (in Million Barrels)." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC, Proved oil reserves worldwide in 1960 and 2022, by key countries (in million barrels) Statista, https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/ (last visited June 01, 2024)
Proved oil reserves worldwide in 1960 and 2022, by key countries (in million barrels) [Graph], OPEC, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/