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]

Geopolitical Risk - US forces intercepted and seized an oil tanker off the coast of Venezuela [1] - Venezuelan President Nicolás Maduro alleges US actions signal plans to seize Venezuela's oil reserves [1]

Venezuelan President Nicolás Maduro has said the US military buildup signals plans to seize Venezuela’s oil reserves. Here's what to know: https://t.co/lTTKB8B8hf ...

Geopolitics & Energy Security - China has been increasing its oil reserves for months [1] - This strategic oil reserve build-up could be beneficial following the recent U S sanctions on Russian crude oil [1]

Core Viewpoint - The cushion could protect the country from any short-term supply disruptions related to new U.S. sanctions on Russian crude [1] Group 1 - The cushion serves as a protective measure against potential supply disruptions [1] - New U.S. sanctions on Russian crude are a significant factor influencing supply stability [1]

Learn about global oil reserves, the countries with the largest deposits, and key industry measurements like the reserve-to-production ratio for informed insights. https://t.co/PebxhUUCSq ...

Venezuela, the country that is blessed with the world’s largest proven oil reserves, has seen its currency crash spectacularly. Could the future of the bolívar be digital? https://t.co/VYvT6dS5Lv ...

Economic Situation - Venezuela, possessing the world's largest proven oil reserves, has experienced a dramatic currency crash [1] - The future of Venezuela's currency, the bolívar, may involve digitalization [1]