Venezuela's oil reserves are the largest in the world while output remains much lower

The article reports Venezuela holds about 303 billion barrels of proven oil reserves—roughly 17% of the world total—mostly in the heavy-crude Orinoco Belt, while 2024 production was about 960,000 barrels per day, ranking 21st globally.

Venezuela holds the world's largest proven oil reserves but produces far less oil than the top producing countries. The article cites OPEC's Annual Statistical Bulletin 2025 for reserve and production figures. Most of Venezuela's reserves are in the Orinoco Belt and are predominantly heavy crude, which requires more costly processing and specialized infrastructure. Production has declined over several decades, and the country's role in global energy markets is smaller than in past decades. Key facts: - The article reports Venezuela's proven oil reserves at about 303 billion barrels, or roughly 17% of the global total, based on OPEC's 2025 data. - Most reserves are concentrated in the Orinoco Belt and are mainly heavy crude, which is more expensive to produce and needs specialized infrastructure. - Venezuela's 2024 production is reported at about 960,000 barrels per day, placing it 21st in global production that year. - At its 1970s peak, the country produced around 3.5 million barrels per day, then over 7% of global output. - The article notes declines in output have been linked to mismanagement, underinvestment, and international sanctions, and that some Western firms' operations have been reduced. Summary: Venezuela's large reserve base gives it a prominent position in global resource totals, yet current production levels and influence in markets are markedly lower than in previous decades. Undetermined at this time.