Venezuela's Vast Oil Wealth Fails to Deliver

Venezuela holds the world's largest proven oil reserves. However, its actual production remains far below its historical potential. Most of the country's oil lies in the Orinoco Belt, a massive region in southern Venezuela. This area contains a thick, heavy type of crude oil. Despite these enormous reserves, Venezuela's daily oil output is low. Current production is still far behind the country's peak capacity from years past. This means the nation is not pumping or exporting as much oil as it once could. The reasons for this gap are complex. They include years of underinvestment, international sanctions, and infrastructure challenges. As a result, Venezuela's vast oil wealth has not translated into stable production or export revenue.