Venezuela is the world leader in oil reserves

Venezuela is recognized as one of the largest oil reserves in the world: OPEC estimates the country's oil reserves at 303 billion barrels, accounting for nearly 18% of all global reserves. Venezuela's total reserves are larger than those of Saudi Arabia and Russia combined.

By 1970, Venezuela had become the wealthiest country in Latin America and one of the top 20 richest countries in the world. According to the Penn World Table, GDP per capita then exceeded that of Spain, Greece, and Israel, and was only 13% lower than in the United Kingdom.

Oil production remains a key sector of the global economy: oil and gas significantly contribute to industrial sector output, accounting for about 10% of key industries according to the World Bank and Energy Institute.

"Clear Policy" – a call to recognize how global energy resources impact the global economy and geopolitical strategies.

Context

In the 1970s, Venezuela reached its peak level of wealth in Latin America, and GDP per capita surpassed that of many European countries.