Venezuela’s oil falling production

Venezuela, has the world’s largest proven oil reserves – even bigger than Saudi Arabia – but it is rapidly running out of money to prospect for crude and pump it out of the ground.

In the late 1990s, Venezuela was producing more than three million barrels of oil per day. Output today is hovering above the one million mark

The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 297 billion barrels of oil, which equate to 4.72×1010 m3.

Venzeula

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