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Venezuela forex reserves

Venezuela forex reservesSubscribe to the FT to read: Financial Times Venezuela sells gold reserves as economy worsens. Become an FT Subscriber. Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust. Choose the subscription that is right for you. For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news. By subscribing with Google you will be billed at a price in your local currency. MyFT – track the topics most important to you FT Weekend – full access to the weekend content Mobile & Tablet Apps – download to read on the go Gift Article – share up to 10 articles a month with family, friends and colleagues. By subscribing with Google you will be billed at a price in your local currency. US Search Mobile Web. Welcome to the Yahoo Search forum! We’d love to hear your ideas on how to improve Yahoo Search . The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate. You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account. If you have a valid Yahoo ID and password, follow these steps if you would like to remove your posts, comments, votes, andor profile from the Yahoo product feedback forum. Venezuela faces rapid decline in Forex reserves. Context.

Venezuela, a country with enormous oil is currently facing rapid declining foreign exchange reserves, poverty and hyperinflation projected at 720% this year and 2069% next, according to the International Monetary Fund. Major crisis. Under President Nicolas Maduro, Venezuela has been experiencing an acute shortage of food, medicine and other vital supplies. Venezuela is in the throes of a political crisis that is inseparably linked to its shaky economic situation. In January 2017, according to estimates by the Finance and Economic Development Commission of the National Assembly (AN), it was predicted that inflation will close this year at 679.73 percent. The economic crisis is hitting Venezuela’s public health system the hardest. In the country’s public hospitals, medicine and equipment are increasingly not available. Role of Oil. A quarter of Venezuela’s GDP and 95% of its export earnings are from crude oil, the price of which has plunged since 2014 when it was trading at over $110 per barrel to under $30 per barrel last year. As a consequence, Venezuela’s GDP and U. S. dollar reserves fell; the country has just $10.2 billion in reserves.

As money was also in short supply, the government started printing cash, a factor contributing to spiraling inflation. Venezuela has borrowed at least $55 billion from allies in recent times. As the price of oil fell, more oil was required to honour the oil-for-financing deals and Venezuela has not been able to keep up with these shipments. Maduro has been criticized for prioritizing debt servicing over feeding his people. How did the Chavez regime contribute to this situation? Hugo Chavez came to power on the promise of setting up a modern socialist republic and bringing inclusive growth to Venezuela, which had low growth, high inflation and high levels of poverty. He nationalized over 1,000 companies, funded welfare programmes and cash transfers to the poor from oil revenues, and offered an economic and political counter-narrative to what the U. S. proffered. All this earned Chavez wide popular appeal; poverty declined, employment increased as did college enrolment. However, Chavez’s rule was marked by an increasing authoritarianism and a gross mismanagement of the country’s oil. Dismantled economy. Venezuela didn’t save any of the oil revenues, which came pouring in because of booming oil prices for the decade up to 2014. Neither did it invest the cash in other industries or diversified investments via a sovereign wealth fund.

The economy was over-concentrated in oil while other sectors became uncompetitive and unproductive; the economy became dependent on imports. A regime of excessive price controls meant a misallocation of resources and a fixed exchange rate created opportunities for corruption among the regime’s elite. Many of these problems have been compounded since Mr. Maduro took charge in 2013. Tension rising. A series of events has further heightened tensions between the government and the opposition and led to renewed street protests. Key was the surprise announcement by Supreme court on 29 th March that it was taking over the powers of the opposition-controlled National Assembly. The opposition said that the ruling undermined the country’s separation of powers and took Venezuela a step closer to one-man rule under President Nicolas Maduro. The court argued that the National Assembly had disregarded previous Supreme Court rulings and was therefore in contempt. Recent developments. The current wave of marches, the most sustained protests against Maduro, has sparked regular clashes in which youths and National Guard troops exchange volleys of rocks and tear gas. On July 30, Venezuelans were called on to choose the members of a new National Constituent Assembly that will be tasked with drafting a new constitution. President Nicolas Maduro claimed victory in the election, which he says will help save the country from political and economic disaster. Colombia, Mexico, Peru and other nations joined the US in saying they did not recognise the results of Sunday’s election. However, old allies Bolivia, Cuba, Nicaragua and Russia stood by Maduro. Consequences.

With Venezuela’s crisis, the state is incapable of paying back its debt, and the majority of its oil exports are paying for previous loans. The best way for Venezuela to avoid government default is then to count on China’s will to have a privileged ace ss to its oil reserves over the long term and to restructure the debt it owes to China. Venezuela’s situation as a country with large natural resources, which suffers from an economic crisis, is not unique and is more commonly known as the Dutch Disease, named in 1977 after the economic stagnation the Netherlands went through after the discovery of large gas reserves in 1959. Relying too heavily on its gas exports, the Netherlands’s currency appreciated, which in turn discouraged economic diversification and development of domestic industries. This situation makes the country in question highly vulnerable to external shocks and at the mercy of volatile international markets. Venezuela has no exports that it can talk of now. Oil was its bread and butter. But now, the absence of exports has leads to the debate whether the government or the economy - which one will fall first. Why India should be worried? India is the third largest importer of oil after Saudi Arabia and Iraq. India import about 11.4% of their crude oil. An unreasonable rise in price of the imports or a complete cut-off of the import is what the Indian government should be worried about. Reliance Industries Limited has about a 15 years contract (which is still ongoing) to import 40,000 barrels in Venezuela. A country which is not able to provide a decent level of living to the citizens can hardly be trusted with any commitments what so ever.

The Venezuelan currency has lost its value in the international market, making things uglier for both - themselves and their importing countries. India has proposed to offer a barter system of exchanging oil-for-drugs to recover the millions of dollars owed to the Indian pharmaceutical companies. Venezuela has less than $10 billion -- lowest reserves in over 20 years. Venezuela's cushion of cash fell to its lowest point in over 20 years amid the nation's political turmoil. Foreign reserves -- funds meant to weather tough economic times -- fell below $10 billion for the first time since 1995, according to central bank data published Sunday. Venezuela, which has more oil than any other country in the world, was once the richest country in Latin America. The bad financial news came on the same day as a major symbolic referendum vote called for by the country's main opposition party. President Nicolas Maduro hopes to rewrite the constitution and replace the opposition-led National Assembly with a "constituent assembly" that would act as a rubber stamp for his agenda and he's called for an official vote on July 30. But on Sunday, more than 7 million Venezuelans voted in an unofficial, non-binding referendum, and 98% chose to oppose Maduro's plan. Still, Maduro is unlikely to recognize the symbolic voting results, and many believe he'll go forward with his own referendum vote and gain the power to replace the National Assembly in two weeks. Meanwhile, Maduro's government keeps running out of money as debt payments loom. Venezuela owes nearly $5 billion for the rest of this year.

The country's ability to pay its debt "is looking increasingly fragile," says Edward Glossop, Latin America economist at Capital Economics, a research firm. Fears are rising that Venezuela will default this year. Some economists caution, however, that Maduro's regime could get by in the short term if it lets reserves fall further. That scary financial backdrop is a major reason why Venezuela suffers from extreme shortages of food, medicine and other essentials. The government must choose between buying imported goods or paying its bondholders. For now, it's choosing investors. What's more: Most of Venezuela's foreign reserves aren't even in hard cash. They're mostly in gold bars, which change in value as the price of gold wavers in global markets. Even compared to its neighbors, Venezuela's cash pile is worrisome. Brazil just ended its longest recession on record.

It has $362 billion in the bank. Argentina also just exited a recession, and it has $48 billion, according to IMF and central bank data. Venezuela's foreign reserves tank to $10.5 billion, official report shows. A new report by the Central Bank of Venezuela shows the country’s foreign reserves have hit a new low — it is down to $10.5 billion, $7.2 billion of which it owes in outstanding debt payments. Amid a humanitarian, economic and political crisis, the oil-rich nation went from $30 billion in reserves in 2011 to $20 billion in 2015. "The question is: Where is the floor?" said Siobhan Morden, head of Latin America fixed income strategy at Nomura Holdings, as quoted by CNN Money. "If oil prices stagnate and foreign reserves reach zero, then the clock is going to start on a default." Venezuela's inflation is among the worst in record. According to the International Monetary Fund it will rise to 1,660 percent by the end of 2017 and will double that next year.

Venezuela's central bank has begun negotiations with Deutsche Bank AG to carry out gold swaps to improve the liquidity of its foreign reserves, Reuters reported earlier this month. According to the recently released financial report, about $7.7 billion of its remaining $10.5 billion of reserves is in gold bars, which limits President Nicolas Maduro's government's ability to quickly mobilize hard currency for imports or debt service. Gold swaps allow central banks to receive cash from financial institutions in exchange for lending gold during a specific period of time. They do not tend to affect gold prices because the gold is still owned by Venezuela and does not enter the market. Venezuela is suffering from a severe recession, triple-digit inflation and chronic product shortages. The government's currency control system has slashed approval of dollars for product imports, leading to empty store shelves and snaking supermarket lines. Venezuela faces rapid decline in Forex reserves. Context. Venezuela, a country with enormous oil is currently facing rapid declining foreign exchange reserves, poverty and hyperinflation projected at 720% this year and 2069% next, according to the International Monetary Fund. Major crisis. Under President Nicolas Maduro, Venezuela has been experiencing an acute shortage of food, medicine and other vital supplies.

Venezuela is in the throes of a political crisis that is inseparably linked to its shaky economic situation. In January 2017, according to estimates by the Finance and Economic Development Commission of the National Assembly (AN), it was predicted that inflation will close this year at 679.73 percent. The economic crisis is hitting Venezuela’s public health system the hardest. In the country’s public hospitals, medicine and equipment are increasingly not available. Role of Oil. A quarter of Venezuela’s GDP and 95% of its export earnings are from crude oil, the price of which has plunged since 2014 when it was trading at over $110 per barrel to under $30 per barrel last year. As a consequence, Venezuela’s GDP and U. S. dollar reserves fell; the country has just $10.2 billion in reserves. As money was also in short supply, the government started printing cash, a factor contributing to spiraling inflation. Venezuela has borrowed at least $55 billion from allies in recent times. As the price of oil fell, more oil was required to honour the oil-for-financing deals and Venezuela has not been able to keep up with these shipments. Maduro has been criticized for prioritizing debt servicing over feeding his people. How did the Chavez regime contribute to this situation? Hugo Chavez came to power on the promise of setting up a modern socialist republic and bringing inclusive growth to Venezuela, which had low growth, high inflation and high levels of poverty. He nationalized over 1,000 companies, funded welfare programmes and cash transfers to the poor from oil revenues, and offered an economic and political counter-narrative to what the U. S. proffered.

All this earned Chavez wide popular appeal; poverty declined, employment increased as did college enrolment. However, Chavez’s rule was marked by an increasing authoritarianism and a gross mismanagement of the country’s oil. Dismantled economy. Venezuela didn’t save any of the oil revenues, which came pouring in because of booming oil prices for the decade up to 2014. Neither did it invest the cash in other industries or diversified investments via a sovereign wealth fund. The economy was over-concentrated in oil while other sectors became uncompetitive and unproductive; the economy became dependent on imports. A regime of excessive price controls meant a misallocation of resources and a fixed exchange rate created opportunities for corruption among the regime’s elite. Many of these problems have been compounded since Mr. Maduro took charge in 2013. Tension rising. A series of events has further heightened tensions between the government and the opposition and led to renewed street protests. Key was the surprise announcement by Supreme court on 29 th March that it was taking over the powers of the opposition-controlled National Assembly. The opposition said that the ruling undermined the country’s separation of powers and took Venezuela a step closer to one-man rule under President Nicolas Maduro.

The court argued that the National Assembly had disregarded previous Supreme Court rulings and was therefore in contempt. Recent developments. The current wave of marches, the most sustained protests against Maduro, has sparked regular clashes in which youths and National Guard troops exchange volleys of rocks and tear gas. On July 30, Venezuelans were called on to choose the members of a new National Constituent Assembly that will be tasked with drafting a new constitution. President Nicolas Maduro claimed victory in the election, which he says will help save the country from political and economic disaster. Colombia, Mexico, Peru and other nations joined the US in saying they did not recognise the results of Sunday’s election. However, old allies Bolivia, Cuba, Nicaragua and Russia stood by Maduro. Consequences. With Venezuela’s crisis, the state is incapable of paying back its debt, and the majority of its oil exports are paying for previous loans. The best way for Venezuela to avoid government default is then to count on China’s will to have a privileged ace ss to its oil reserves over the long term and to restructure the debt it owes to China. Venezuela’s situation as a country with large natural resources, which suffers from an economic crisis, is not unique and is more commonly known as the Dutch Disease, named in 1977 after the economic stagnation the Netherlands went through after the discovery of large gas reserves in 1959. Relying too heavily on its gas exports, the Netherlands’s currency appreciated, which in turn discouraged economic diversification and development of domestic industries. This situation makes the country in question highly vulnerable to external shocks and at the mercy of volatile international markets. Venezuela has no exports that it can talk of now. Oil was its bread and butter. But now, the absence of exports has leads to the debate whether the government or the economy - which one will fall first.

Why India should be worried? India is the third largest importer of oil after Saudi Arabia and Iraq. India import about 11.4% of their crude oil. An unreasonable rise in price of the imports or a complete cut-off of the import is what the Indian government should be worried about. Reliance Industries Limited has about a 15 years contract (which is still ongoing) to import 40,000 barrels in Venezuela. A country which is not able to provide a decent level of living to the citizens can hardly be trusted with any commitments what so ever. The Venezuelan currency has lost its value in the international market, making things uglier for both - themselves and their importing countries. India has proposed to offer a barter system of exchanging oil-for-drugs to recover the millions of dollars owed to the Indian pharmaceutical companies. Maduro orders 96 percent devaluation in hyperinflation-stricken Venezuela. CARACAS (Reuters) - Venezuela’s president Nicolas Maduro announced on Friday a single exchange rate pegged to his socialist government’s petro cryptocurrency, effectively devaluing by 96 percent in a move economists said would fan hyperinflation in the chaotic country. In one of the biggest economic overhauls of Maduro’s five-year government, the former bus driver and union leader also said he would hike the minimum wage by over 3,000 percent, boost the corporate tax rate, and increase highly-subsidized gas prices in coming weeks. “I want the country to recover and I have the formula. Trust me,” Maduro said in a nighttime speech broadcast on state television. But economists expressed doubts that Venezuela’s cash-strapped government, which faces U. S. sanctions and has defaulted on its bondholders, would succeed. Venezuelans will see their meager salaries further erodedand companies will struggle with major increases to both taxes and the minimum wage, they said. “Amid this aggressive devaluation and monetary expansions due to salaries and bonuses, we are expecting a much more aggressive stage of hyperinflation.

All the more so in a context where the elimination of excessive money printing is not credible. The worst of all worlds,” said Venezuelan economist Asdrubal Oliveros of consultancy Ecoanalitica. The International Monetary Fund has predicted that inflation in Venezuela would hit 1 million percent this year. After a decade-long oil bonanza that spawned a consumption boom in the OPEC member, many poor citizens are now reduced to scouring through garbage to find food as monthly salaries amount to a few U. S. dollars a month. Hundreds of thousands of Venezuelans have emigrated by bus across South America in one of the region’s worst migration crises. “World champions in economic disasters!” opposition leader Henrique Capriles tweeted after Maduro’s announcement. “No Venezuelan deserves to live this tragedy or that these incapable people destroy our nation!” Maduro said he would overhaul Venezuela’s disparate exchange rates and peg salaries, pensions, and prices to the petro, a cryptocurrency launched by the government earlier this year. It was not immediately clear how the government intended to carry out the financial changes and the Information ministry did not respond to a request for details. Cryptocurrency experts have cast doubt on the petro as a functional financial instrument, citing a lack of clear details on how it operates and U. S. sanctions that make it off limits. President Donald Trump in March signed an executive order barring any U. S.-based financial transactions involving the petro, with officials warning that the Venezuelan cryptocurrency was a “scam.

” Venezuela’s government has not provided a clear breakdown of petro investors or how much they have collected from the cryptocurrency’s sale. Maduro argues that he is the victim of a Washington-led “economic war” designed to sabotage his administration through sanctions and price-gouging. He has vowed that the petro will abolish the “tyranny” of the dollar and lead to an economic rebirth in Venezuela, home to the world’s biggest crude reserves. Economists, however, point to Venezuela’s strict currency controls, botched nationalizations, and excessive money creation as the root causes of its economic crisis. Maduro said on Friday that one petro would equal $60 and have the equivalent of 360 million bolivars. That implies a new exchange rate of 6 million bolivars per dollar, broadly on par with widely used black market exchange rates, entailing a 96 percent devaluation compared with the current official DICOM rate of 248,832 bolivars per dollar. “They’ve dollarized our prices. I am petrolizing salaries and petrolizing prices,” Maduro said. “We are going to convert the petro into the reference that pegs the entire economy’s movements.” Maduro added that the minimum wage would amount to “half a petro,” baffling some Venezuelans and sparking the Twitter hashtag #BlackFriday. US Search Mobile Web. Welcome to the Yahoo Search forum! We’d love to hear your ideas on how to improve Yahoo Search . The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate. You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account.

If you have a valid Yahoo ID and password, follow these steps if you would like to remove your posts, comments, votes, andor profile from the Yahoo product feedback forum. Venezuela ‘seizing’ diamonds, precious metals to boost reserves. The bank said in a statement issued Thursday it intends to use a broader range of assets to increase international reserves, it will also include freely convertible foreign currencies. Venezuela may also use Chinese loans in yuan to bolster its international reserves. Finance Minister Rodolfo Marco traveled this week to China to discuss potential deals. The country’s reserves are now at about $21.7 billion, after falling 28 percent in the last three years, that’s despite a previous $4 billion loan from China. The decision is more of an accounting ploy taken to reallocate billions of dollars in off-budget funds into central bank reserves, Hernan Yellati, analyst at Banctrust & Co told Bloomberg. “The government wants to seize those off-budget assets and count them as part of the international reserves,” he said. “The impact of the measure will be limited as this is just an accounting measure, not fresh money.

” Venezuela is going through economic turmoil with the world’s highest inflation, and this is an attempt by President Nicolas Maduro to stem the tide. Venezuela's economy is expected to contract by 3 percent this year. Consumer prices in the country rose 63.4 percent in August, the fastest in the world, and it is facing deficits and shortages of imported food and consumer goods. With the world’s largest crude reserves, Venezuela’s export earnings are 95 percent dependent on oil. A fall in oil prices has exacerbated the country’s economic problems. The price for Brent crude Friday was around $69 a barrel at 3PM MSK. After the OPEC decision was made last week Venezuelan bonds fell to a five-year low as traders forecast a higher chance of default. “Every $1 drop in oil is around $770 million of lost revenue, so their ability to pay has taken a big hit,” Kevin Daly, money manager at Aberdeen Asset Management, told Bloomberg. “The market is already pricing in a high probability of default next year.” The World’s Largest Oil Reserves By Country. Proven oil reserves are those that have a reasonable certainty of being recoverable under existing economic and political conditions, with existing technology. The volatility in oil prices over the past decade has created plenty of concern for businesspeople, national governments, and global policy makers alike. With such uncertainty in pricing, coupled with environmental concerns as our world’s appetite for fossil fuels grows, the questions of whether there are enough petroleum oil reserves to satisfy demand, and what the consequences of its extraction will be, have never been more pertinent. In order to shed more light into a somewhat ambiguous subject, we have profiled the ten countries with the largest oil reserves in the world to help put their positions within the energy landscape into perspective. The volatility in oil prices over the past decade has created plenty of concern for governments and policy makers at the global stage.

This lack of certainty, coupled with environmental concerns as the world grows ever more energy hungry, the question of whether there are enough petroleum oil reserves to satisfy the demand and what the consequences will be has never been more pertinent. In a bid to shed more light in this somewhat nebulous sector, we have profiled countries with the highest oil reserves in the world. These are the countries whose proven oil reserves are in the top 10 globally. 10. United States - 39,230 million barrels. U. S. oil reserves soared to new heights in recent years due to increased usage of unconventional drilling methods that enable extraction of more shale oil and gas than was previously possible. As a result of these, especially fracking and horizontal drilling, U. S. reserves surpassed 36,000 million barrels in 2012 for the first time since 1975. Still, proven U. S. oil reserves are but a fraction of the reserves of the global petroleum leaders such as Venezuela, Saudi Arabia and Canada. 9. Libya - 48,363 million barrels. Libya has the largest oil reserves in Africa, and the ninth largest globally. It has the potential to have a greater reserve of fossil fuel than we currently know of, as it remains largely unexplored as a result of past sanctions against foreign oil companies. Libyan oil accounted for 98% of government revenue in 2012 but, due to recent political instability, Libya's power as an oil producer has been significantly hampered. Eventually it is expected that untapped oil reserves will foster more economic investment as the political situation stabilizes. 8. Russia - 80,000 million barrels.

Russia is a country filled with natural resources for energy use, most notably the country's massive oil reserves under the vast Siberian plains. Russian oil output fell considerably after the collapse of the former Soviet Union, but the country has revamped production in the past few years. The nation may further boost its reserves of oil and gas in the future as exploration continues beneath its holdings of arctic waters and ice. 7. United Arab Emirates - 97,800 million barrels. The United Arab Emirates (UAE) sources most of its oil from the Zakum field, which has an estimated 66 billion barrels, making it the third largest oil field in the region, behind only Ghawar Field (Saudi Arabia) and Burgan Field (Kuwait). Roughly 40 per cent of the country's GDP is based on oil and gas output and, since its discovery there in 1958, has enabled the UAE to become a modern state with a high standard of living. 6. Kuwait - 101,500 million barrels. While a small country in terms of land area, Kuwait holds more than a fair share of the world's petroleum oil reserves. Over 5 bbl of reserves lie within the Saudi-Kuwaiti neutral zone which Kuwait shares with Saudi Arabia, while over 70 billion barrels of Kuwaiti oil are in the Burgan field, the second largest oil field in the world. 5. Iraq - 142,503 million barrels. Despite shaky political situations in its recent history, the country of Iraq sits upon some of the world's largest proven reserves of petroleum crude oil. As a matter of fact, owing to the civil unrest and military occupations which have characterized the national scene over the last few decades, it was not possible to do any meaningful exploration of the Iraq's oil reserves. As a result, even the data used to determine Iraq’s global oil holdings ranking is at least three decades old and based on 2D seismic surveys. Nevertheless, a period of relative calm over the last couple of years has given increased hope for developing the country's oil infrastructure. 4. Iran - 158,400 million barrels. Iran has close to 160,000 million barrels of proven oil reserves, making it considerably wealthy in terms of global oil resources.

When looking at the most easily accessible reserves (excluding many of the unconventional, difficult-to-extract reserves in Canada), Iran falls right behind behind Venezuela and the Kingdom of Saudi Arabia. Oil in Iran was first produced in 1908 and, at its current rate of extraction, Iran's oil will last close to 100 years more. Unlike Saudi oil, which is spread throughout a few huge and very rich oil fields, Iranian oil is found in close to 150 hydrocarbon fields, many of which have both petroleum crude oil and natural gas. 3. Canada - 169,709 million barrels. Canada has 169 million barrels of proven oil reserves, of which the most significant proportion is in the form of oil sands deposits in the province of Alberta. Furthermore, most of the country's conventionally accessible oil reserves are located in Alberta. As extracting oil from the vast majority of Canada's oil reserves is a labor and capital-intensive process, production tends to come in sporadic bursts rather than steady streams. Oil companies therefore begin by extracting lower density, higher value oils first, and directing their efforts into extracting crude deposits only in times of high commodity prices. 2. Saudi Arabia - 266,455 million barrels. The Kingdom of Saudi Arabia has for many decades been viewed as the modern state most iconic of oils equation to opulence and influence in global politics. However, Saudi Arabia is no longer the world's leader in oil potential. While the Saudis' 266 million barrels of proven oil reserves are marginally smaller than those of Venezuela, all of Saudi oil is in conventionally accessible oil wells within large oil fields. Moreover, Saudi Arabia's reserves are considered to comprise a fifth of the entire globe's conventional reserves.

There are many who also believe that, with further exploration, Saudi Arabia will surpass Venezuela at the top of the proven oil holdings charts. For example, the US Geological Survey estimates that there are well over 100,000 million barrels lying undiscovered beneath the arid sands of Saudi deserts. 1. Venezuela - 300,878 million barrels. With over 300 million barrels of proven reserves, Venezuela has the largest amount of proven oil reserves in the world. The country's oil is a relatively new discovery. Previously, Saudi Arabia had always held the number one position. The oil sand deposits in Venezuela are similar to those in Canada. Venezuela also boasts plenty of conventional oil deposits. Venezuela's Orinoco tar sands are significantly less viscous than Canada's, so the oil sands there can be extracted using conventional oil extraction methods, giving it a considerable advantage over the Northern American rival in terms of capital requirements and extractions costs.



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