Venezuela has world’s largest oil reserves

Baku, November 17, AZERTAC

Venezuela has the world’s largest oil reserves, even greater than Saudi Arabia. At a time when most OPEC countries are ramping up oil output, Venezuela produce just 2.15 million barrels of crude oil per day, according to S&P Global Platts estimates.

Venezuela’s shrinking oil production is a reflection of the country’s grim financial situation, which has caused rolling blackouts that have even left oil facilities in the dark. And because of how critical oil is to Venezuela’s economy — oil accounts for 96% of exports — the declines threaten to exacerbate the already-dire situation, where a severe food shortage has led to waves of looting.

Canada is the 3rd on the list.

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