Venezuela Still the Country with the Largest Oil Reserves

Instant Max AI

(Energy Analytics Institute, Pietro D. Pitts, 14.Aug.2016) – Venezuela, the resource-rich South American country known for its chocolates, Caribbean beaches, lively citizens and beauty queens, still reigns as the country with the largest crude oil reserves, according to the BP Statistical Review of World Energy (June 2016).

Venezuela had proved oil reserves of 300.9 billion barrels at year-end 2015 and a reserves-to-production (R/P) ratio of 313.9 times based on production of 2.626 million barrels per day in 2015, according to the review.

Said another way, Venezuela has enough crude oil reserves to last it for 313.9 years.

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