The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 300 billion barrels (4.8×1010 m3) as of 1 January 2014.[1] The 2019 edition of the BP Statistical Review of World Energy reports the total proved reserves of 303.3 billion barrels for Venezuela (slightly more than Saudi Arabia's 297.7 billion barrels).[2]
Venezuela's crude oil is very heavy by international standards, and as a result much of it must be processed by specialized domestic and international refineries.
- ^ BP, Statistical review of world energy Archived June 9, 2015, at the Wayback Machine, June 2014.
- ^ [1] 2019 BP Statistical Review of World Energy.