New Delhi, Jan 05: Venezuela possesses the world’s largest proven oil reserves, estimated at 303.8 billion barrels, overshadowing other nations like Saudi Arabia and Canada.
Despite this potential, oil production has plummeted to around 1 million barrels per day due to issues such as under-investment, political interference, and sanctions.
The country’s production now stands at one-third of its output a decade ago. Recent events involving U.S. action against President Nicolas Maduro may cause short-term disruptions in oil markets. Nonetheless, Indian oil companies like ONGC and Oil India are likely to benefit, maintaining profitability amidst low prices.
Future uncertainties could lead to a minor spike in oil prices, particularly in response to geopolitical developments involving Russia and China.
