Venezuela says it has the world's largest reserves of crude oil. Making it viable is a whole other problem.

Core Insights - Venezuela claims to have the largest crude oil reserves in the world, estimated at around 300 billion barrels of "proved" oil, despite exporting less than 1% of the global supply [1][2] - The reserves are self-reported and not independently verified, with estimates for Saudi Arabia at 260-270 billion barrels and the US at 45 billion barrels [2] - Venezuela's proved reserves were reported at around 100 billion barrels until 2007, with a significant reclassification occurring in 2013, yet production levels remained flat during this period [3] Industry Challenges - The lack of independent audits on reserves raises questions about the actual recoverable oil, with estimates suggesting a more realistic figure of 100-110 billion barrels [4] - Venezuela's oil industry has deteriorated significantly under the leadership of Hugo Chavez and Maduro, particularly after the nationalization of the industry [5] - Corruption, mismanagement, and a lack of investment have severely impacted the operational capacity of Venezuela's oil sector, especially in critical areas like the Orinoco Heavy Oil Belt [6]