5 things to know about Venezuela's oil industry, US involvement
1. Venezuela holds the world's largest proven oil reserves
Venezuela holds approximately 17% of the globe's proven crude oil reserves, which is the largest in the world, according to the U.S. Energy Information Administration.
Much of the nation's heavy crude oil is found in the Orinoco Belt along the eastern Orinoco River basin, which is considered the planet's largest petroleum reserve; the U.S. Geological Survey estimates it is capable of producing hundreds of billions of barrels.
The U.S. Energy Information Administration estimates that Venezuela is sitting on approximately 303 billion barrels as of 2023.
Decades of government mismanagement, international sanctions and the country's economic crisis have hampered Venezuela's energy sector, however, causing crude oil production to plummet from peaks of 3.5 million barrels per day in the 1990s to less than 1 million, according to energy consulting firm Kpler.
