Nanhua Futures(SH:603093) Huachuang Securities·2026-01-04 23:30Group 1: Demographics and Geography - Venezuela has a land area of 916,400 square kilometers and an estimated population of approximately 28.4 million in 2024[2] - It shares borders with Guyana to the east, Brazil to the south, and Colombia to the west, with the Caribbean Sea to the north[2] - Major ports include Cabello, La Guaira, and Maracaibo, with José and Maracaibo being key for oil exports[2] Group 2: Political and Military Overview - Venezuela operates under a presidential system with a six-year term for the president, who is also the commander-in-chief of the armed forces[3] - The country has approximately 200,000 active military personnel and around 8 million militia reserves[3] Group 3: Natural Resources - Venezuela holds the world's largest proven oil reserves at about 300 billion barrels, accounting for approximately 17% of global reserves[4] - The country ranks eighth globally in proven natural gas reserves, with about 201 trillion cubic feet, representing around 2.9% of the world's total[4] - Gold reserves are reported to be around 53 tons, with an additional 31 tons frozen in the Bank of England since 2018[4] - Iron ore resources are estimated at 1.468 billion tons, with proven reserves of 363 million tons, constituting about 1-2% of global reserves[5] Group 4: Export Overview - In 2023, Venezuela's total export value was approximately $7.63 billion, with the U.S., China, and Spain being the primary destinations, accounting for about 50%, 10%, and 9% of exports respectively[6] - Oil and its products constitute about 60% of total exports, followed by basic metals (8%), and nitrogen fertilizers (3.7%)[6] - Venezuela's oil production is projected to be around 934,000 barrels per day by November 2025, with an estimated export volume of 656,000 barrels per day in 2024[6]