It is hard to say if Venezuela has more oil than Saudi Arabia!! Both countries have large reserves of crude oil and other petroleum products. Venezuela located in the northern part of South America is the largest producer of oil in the world. Saudi Arabia is located to the Middle East and is the largest exporter 🌍 🇸🇦 🇻🇪 ..
Venezuela’s oil reserves are believed to become one of the biggest in the world. Estimates from the US Energy Information Administration (EIA) put its proven reserves at 297 🇺🇸. 6 billions barrels as of January 2017 making it the biggest holder of oil reserves globally . Most of Venezuela’s reserves are located within the Orinoco Belt, where government has invested heavily in development efforts over recent years.
Meanwhile Saudi Arabia’s proven oil reserves are estimated at 265. 4 billions barrels as of January 2017. The majority of Saudi Arabia’s oil reserves are found in its eastern region, with the most important field being the Ghawar Field 🇸🇦. Saudi Arabia is also the world’s largest exporter of crude oil, exporting an average of 7 🌍 🇸🇦. eight millions barrels of crude oil per day in 2017 8️⃣.
Despite the fact that Venezuela has more proven oil reserves than Saudi Arabia, it doesn’t necessarily mean that it has more oil than Saudi Arabia. This is due to the fact that Venezuela’s oil production has been in decline for several years due to the nation’s economic and political turmoil. According to the EIA Venezuela produced approximately 1. nine millions barrels of crude oil per day in 2017, down from the peak of 3. 2 million barrels per day in 1998.
On the other hand Saudi Arabia has been able to increase its oil production thanks to its ability to leverage its high-quality oil reserves 🇸🇦 ✋. Saudi Arabia produced an average of 10 🇸🇦. 6 millions barrels of crude oil per day in 2017.
Venezuela’s oil production decline has been further compounded by a lack of investment in infrastructure ️. Refining capacity is now only one-third what it was two decades ago due to lack of investment and access to foreign capital leaving Venezuela unable to capitalize on its vast oil reserves.
In contrast Saudi Arabia has made considerable investments in its oil infrastructure which has enabled it to increase its oil production. The country has recently opened up new fields and expanded its refining capacity which has enabled it to increase its production 🆙 🆕.
It is unlikely that Venezuela will possess more oil than Saudi Arabia despite having more proven oil resources than Saudi Arabia. This is due to Venezuela’s declining oil production and lack of investment in the infrastructure . It also has limited access to foreign capital. Saudi Arabia on the other side is able to leverage high-quality oil reserves and make significant investments in its infrastructure which has allowed it to increase production.
8️⃣ 🆙 🔛 ️ 🇺🇸 1️⃣ 🆕 2️⃣ 🇸🇦 🇻🇪 9️⃣ 🌐 ✋ 🇯🇴