EAI brief: the insignificance of Venezuela’s 930 R/P ratio or 930 year reserve life index

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 12.Jan.2026, Words: 210) — Venezuela boasts crude oil reserves of 303 billion barrels, even surpassing reserves held by Saudi Arabia. 

And, based on such reserves and average production of around 900,000 barrels per day (b/d), what Venezuela is reportedly producing, these reserves would last the country for 930 years.