Allegedly, Venezuela's proven oil reserves are about 300 billion barrels, accounting for almost one-fifth of the world's total. However, this number is probably overstated and is meaningless. There is a huge gap between Venezuela's potential production and actual production. The country's daily oil production has dropped from a peak of more than 3 million barrels to less than 1 million barrels, and has already consumed most of its oil. In the near future, simply returning to historical production will take a lot of effort. Repairing damaged infrastructure and lifting sanctions are key issues. According to data from consulting firm Wood Mackenzie, the average break-even price of the new production of Orinoco heavy oil belt has exceeded 80 US dollars/barrel. So unless prices soar, the estimated reserves may only be theoretical. A more realistic estimate, according to Rystad Energy, could be 60 billion barrels, even under ideal conditions.

Allegedly, Venezuela's proven oil reserves are about 300 billion barrels, accounting for almost one-fifth of the world's total. However, this number is probably overstated and is meaningless. There is a huge gap between Venezuela's potential production and actual production. The country's daily oil production has dropped from a peak of more than 3 million barrels to less than 1 million barrels, and has already consumed most of its oil. In the near future, simply returning to historical production will take a lot of effort. Repairing damaged infrastructure and lifting sanctions are key issues. According to data from consulting firm Wood Mackenzie, the average break-even price of the new production of Orinoco heavy oil belt has exceeded 80 US dollars/barrel. So unless prices soar, the estimated reserves may only be theoretical. A more realistic estimate, according to Rystad Energy, could be 60 billion barrels, even under ideal conditions.