1. Home
  2. / Industry
  3. / The world's largest oil and gas reserves in Latin America have been revealed, displacing Saudi Arabia, Canada and Iraq!
reading time 3 min read Comments 22 comments

The world's largest oil and gas reserves in Latin America have been revealed, displacing Saudi Arabia, Canada and Iraq!

Written by Valdemar Medeiros
Published 22/05/2024 às 22:22
The largest oil and gas reserves in the WORLD in Latin America have been revealed, surpassing Saudi Arabia, Canada and Iraq!
Photo: Largest oil and gas reserve in the world

The largest oil and gas reserve in the world is located in Latin America and belongs to Venezuela. Venezuela's sea of ​​oil gold far surpasses Saudi Arabia.

Venezuela has 300,9 billion barrels of proven crude oil reserves, making it the largest oil and gas reserve in the world, according to data released by the state company Petróleos da Venezuela SA (PDVSA). The data was released through the social network X, where the Latin American company claims that the majority of proven reserves, 279,1 billion barrels are in the Orinoco Hugo Chávez Oil Belt, in the southeast of the country.

Largest oil reserve in the world, located Venezuela surpasses Saudi Arabia

On the other hand, 20.330 billion barrels are between the states of Zúlia and Falcon (northwest). There are also 1.088 billion barrels between Barinas and Apure (southwest) and 343 billion barrels in Carúpano (northeast).

According to the local press, the largest oil reserves in the world surpass Saudi Arabia, which is in second place in proven global reserves with 298 billion barrels and in third place is the Canada with 170 billion barrels. 

In fourth and fifth position are Iran and Iraq, with 156 million and 145 billion, respectively. Also according to the local press, Venezuela, owner of the largest oil reserves in the world, plans to reach, in 2024, the production target of more than one million barrels per day, 27,7% more than the average of 783 thousand barrels produced per day last year.

Recently, the US announced that it plans to reactivate sanctions against the Venezuelan oil and gas sector, denouncing Caracas' failure to comply with the commitments made to the opposition in October last year, in view of this year's presidential elections in the country.

Understand the US sanction on the country that holds the largest oil reserves in the world

According to State Department spokesman Matthew Miller in a statement, in the absence of progress, including allowing all presidential candidates to run in this year's elections, the United States did not renew the license, authorizing the purchase of commodities of the largest oil and gas reserve in the world, when it expired on April 18, 2024.

The government of United States consider that the actions of President Nicolás Maduro and his representatives in Venezuela, including the arrest of members of the democratic opposition and the prohibition of candidates from running in this year's presidential elections, are inconsistent with the agreements signed by the representatives of the Venezuelan President and the Platform Unitary, from the opposition.

Vice President of Venezuela speaks out on US initiative

The announcement took place after, on January 26, Venezuela's Supreme Court of Justice confirmed that the winner of the opposition's primary elections, Maria Corina Machado, will not be able to run against Maduro in the presidential elections, scheduled to take place in the second half of the year.

In response, the Venezuelan government threatened to review the bilateral cooperation mechanisms between Caracas and Washington and immediately revoke repatriation flights for Venezuelans.

According to Venezuela's vice president, Delcy Rodriguez, at deliberate attack on Venezuela.

President Nicolás Maduro recently stated that he will sign contracts with 20 investors to explore commodities in the world's largest oil reserve, located in Latin America.

Register
Notify
guest
22 Comments
Older
Last Most voted
Feedbacks
View all comments
Valdemar Medeiros

Journalist in training, specialist in creating content with a focus on SEO actions. Writes about the Automotive Industry, Renewable Energy and Science and Technology

Share across apps
0
We would love your opinion on this subject, comment!x
()
x