The move marks a significant geopolitical shift, reshapes global oil dynamics, and injects fresh uncertainty into an already turbulent world. Venezuela is home to the largest proven oil reserves on earth. According to estimates, Venezuela holds 303 billion barrels of crude—the world’s largest stockpile and nearly a fifth of global oil reserves. Venezuela’s oil industry, despite its vast potential riches, has waned over the years.The Latin American country was once the world’s largest oil exporter, ahead of Saudi Arabia. “Lack of expertise, under-investment, political interference, mismanagement, corruption and then sanctions have paralysed the exploitation of its oil reserves,” remarks Swarnendu Bhushan, Research Analyst, PL Capital.

Source: Economic Times January 12, 2026 01:56 UTC