A map of world oil reserves according to OPEC, 2013
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.
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