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Venezuela The OPEC Founder Pumps Less Oil Than Three of Its Neighbors

First Posted: May 28, 2019 05:21 PM EDT
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Venezuela The OPEC Founder Pumps Less Oil Than Three of Its Neighbors

Photo : wikimedia

Venezuela, which sits atop more oil than Saudi Arabia, has fallen behind three other Latin American countries as years of mismanagement and lack of investments take its toll.

The OPEC founding member produced 740,000 barrels a day in March, while Colombia's oil reserves are less than 1% of Venezuela's, produced 884,815 barrels. Venezuela has oil reserves of 302.3 billion barrels, while the neighboring Latin American country holds volumes almost as large as Gabon's, with 1.96 billion barrels.

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