Venezuela claims to have 300 billion barrels of oil in the ground. But experts say that’s a stretch

Venezuela officially reports holding 303 billion barrels of proven oil reserves, a figure that positions the nation as having the largest oil deposits in the world. This data serves as a central pillar of the country's energy profile and global standing within the petroleum industry.

However, energy experts challenge the validity of these figures, characterizing them as inherently problematic. Analysts argue that the estimates are based on exaggerated and aging data, suggesting that the actual amount of accessible, proven oil is significantly lower than the government's official claims.