Venezuela’s $18 trillion oil reserves: Larger than all economies except the US and China
Illustration: Ashrafun Naher Ananna/TBS Creative
Venezuela, home to the world's largest proven crude oil reserves — an estimated 303.2 billion barrels — has suddenly become the focal point of an unprecedented assertion of US power. At current Brent crude oil price of roughly $60.7 per barrel, Venezuela's oil reserves are valued at approximately $18.4 trillion. Even if sold at half the prevailing market rate, the reserves would still be worth nearly $9.2 trillion — a figure larger than the entire GDP of every country in the world except the US and China.
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