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It's sitting on 303 billion barrels of oil but no one wants to extract it
It sits atop an estimated 303 billion barrels, which translates to about 17 per cent of the world's total known oil reserves.
"From the time we are born, they tell us how rich we are because we have so much oil," said Venezuelan mother Isabel Delgado, while watching her son at baseball practice in Maracaibo, one of the nation's key oil regions.
In the early 1970s, Venezuela was one of the world's top producers, pumping as much as 3.75 million barrels of crude oil per day, but years of mismanagement, corruption, and sanctions reduced the nation's output to a fraction of that.
As the widening conflict in the Middle East creates the "largest supply disruption in history" in the global oil market, according to the International Energy Agency, fresh questions are being asked about Venezuela's potential to step up and plug the gap.
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