Venezuela is often described as sitting atop the largest oil reserves on Earth. Officially, the country reports more than 300 billion barrels of proven oil—more than Saudi Arabia. To many readers, that figure implies vast, untapped wealth waiting only for political change to unlock it. But Venezuela did not become the world’s reserve leader through a wave of new oil discoveries. Its rise to the top was largely the result of reclassification—driven by oil prices, evolving reserve definitions, Western technology, and political incentives.…
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