Venezuela Resource Curse | Economy and Natural Resources | UPSC GS-3

Top 3 Countries – Highest Proven Oil Reserves

• Venezuela – ~303 billion barrels (Rank 1)
• Saudi Arabia – ~267 billion barrels
• Iran – ~209 billion barrels

Oil Production (Top Producers – Contrast Chart)

• United States – ~12–13 million barrels/day (Rank 1)
• Saudi Arabia – ~9–10 million barrels/day
• Russia – ~9–10 million barrels/day
• Venezuela – only ~0.9 million barrels/day (despite Rank-1 reserves)

Refining / Downstream (Top Reference from Chart)

• Venezuela refinery throughput – ~0.33 million barrels/day
• Shows very weak refining capacity compared to reserves

OPEC

• Full form – Organization of the Petroleum Exporting Countries
• Formed – 1960
• Headquarters – Vienna, Austria
• Members – 12 oil-exporting countries
• Controls
  • ~80% of global oil reserves
  • ~40% of global oil production