Inside the Economics of Venezuela’s Elusive Oil Reserves ...Middle East

In the wake of the Trump administration's prosecution of a war and blockade against Venezuela and the administration's promise to vastly increase oil production in the country, it's worth knowing why claims about Venezuela's oil "reserves" being the largest in the world are problematic. It's also important to understand what this implies for the future of oil production in Venezuela. Consider the following: 1. Official oil reserves are just that. They are numbers reported by official government sources. Where these numbers come from large state-owned…

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