According to a report by the Organization of the Petroleum Exporting Countries (OPEC), the country led by Hugo Chavez last year had proven reserves of 296,50 billion barrels, the largest in the world.
Venezuela is richer in oil than Saudi Arabia. It is the annual report of the World Petroleum Organization (OPEC) that affirms it. This document indicates that the country led by Hugo Chavez, currently in Cuba for treatment of cancer, had at the end of last year 296,50 billion barrels of black gold that can be exploited, against 211,2 billion a year earlier. It thus surpasses the Saudi kingdom whose proven reserves have remained stable at 264,5 billion.
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As Colin Campbell said: "tell me where are the large oil reserves and I will tell you where the major conflicts of the century will take place"
However, this is the path that Venezuela is taking, which after several failed coups (destabilization by force) is now in the throes of an economic collapse (destabilization by the economy):
The collapse of the Venezuelan economy in 6 figures
Foreign exchange reserves, oil production, exports, imports ... all the indicators are red.
Venezuela was declared, Tuesday, November 14, in "partial default" by the rating agency Standard & Poor's. An announcement that is explained by the decay of the economy.
Foreign exchange reserves are melting
Ruined by the fall in oil prices, Venezuela saw its foreign exchange reserves melt by more than 70% compared to their record of 2009. These fell to their lowest level in fifteen years, and a large part is difficult to mobilize because it is stockpiled in gold. This drying up of liquidity is hampering the government's ability to service the debt.
Saudi Arabia is also on the path to "change":
Dozens of princes, ministers and businessmen were arrested in Saudi Arabia during an anti-corruption operation described as "decisive" yesterday by the authorities, while the young crown prince Mohammed bin Salman continues to strengthen his grip on power.