The writer is head of FIC and commodities research at Société Générale
Venezuela is a unique case in the global energy landscape. By the country’s own estimates, it possesses the world’s largest proven oil reserves — about 303bn barrels, roughly 17 per cent of the global total.
However, the country’s vast reserves have not translated into significant oil supply or export revenues. Venezuela’s oil production is currently less than 1mn barrels a day, a fraction of its historical peak of about 3.4mn b/d in 1998.
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