---
title: "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"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/271400006.md"
description: "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"
datetime: "2026-01-03T23:40:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/271400006.md)
  - [en](https://longbridge.com/en/news/271400006.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/271400006.md)
---

# 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 years, crumbling infrastructure, frequent power outages, and equipment theft occurring repeatedly.

## Related News & Research

- [Oil market is ‘selling a lie’ to the public, oil execs warn](https://longbridge.com/en/news/287276562.md)
- [EU economy chief certain the bloc will not return to Russian gas or oil as energy crisis bites](https://longbridge.com/en/news/287329899.md)
- [Golden Cross Resumes Aurora Drilling | ZCRMF Stock News](https://longbridge.com/en/news/287120396.md)
- [SPAC BTECH files for a $200 million IPO, targeting oil, gas, and energy](https://longbridge.com/en/news/287260254.md)
- [US wants to sell India as much energy as it can buy, says Marco Rubio](https://longbridge.com/en/news/287297127.md)