Venezuela: Claimed to be the country with the largest oil reserves in the world, yet its production is less than 1% of the global total

Venezuela claims to have over 300 billion barrels of oil reserves, making it the country with the largest oil reserves in the world. However, its daily production is only about 1 million barrels, accounting for roughly 1% of global output. In addition, most of Venezuela's oil is extra-heavy crude, which has a severely polluting and costly refining process. The condition of the country's oil fields is concerning, with issues such as under-drilling for many years, crumbling infrastructure, frequent power outages, and equipment theft occurring repeatedly