Venezuela: Oil Production of 930,000 Barrels Per Day Despite 300 Billion in Reserves

Venezuela holds proven reserves estimated at 300 billion barrels according to the Organization of the Petroleum Exporting Countries (OPEC), theoretically making it one of the world’s leading holders of oil resources. The Orinoco Oil Belt (Faja Petrolífera del Orinoco) alone contains 281 billion barrels of heavy and extra-heavy crude. Conventional light and medium oil reserves, estimated at approximately 20.3 billion barrels, remain comparatively limited but strategically critical for commercializing heavy production.