Venezuela has larger oil reserves than Saudi Arabia. The country only produces 20% of Saudi Arabia’s production level. Venezuela needs higher oil prices for success – this may result in increased production and therefore market supply. Introduction Venezuela is a significant player in the oil markets. The country has several hundred billion barrels worth of oil according to their data, which represents ten years of the world’s production by itself. The country currently has a production of 30.41 million people up from 24.41 million in the year 2000 and 19.74 million in the year 1990. The country’s oil allows it to have a relatively high $14,414.75 GDP per Capita. This compares to $11,208.08 for Brazil and $41,787.47 for the United Kingdom. Reserves Venezuela Oil Holdings – Deep Resource As we can see here, much of the country’s reserves are from the Orinoco Belt in Venezuela. The Orinoco Belt has […]