Venezuela sits on more than 300 billion barrels of proven crude reserves — surpassing Saudi Arabia’s roughly 270 billion — yet produces just 850,000 to 1.1 million bd, less than 1% of global output and far below its 1998 peak of 3.5 million bd, according to Álvaro Martínez de Bourio, BCG’s energy lead for Colombia, Peru, Chile, and Argentina.
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