Why Venezuela Has No Oil?

Why Venezuela has no gas?

The Venezuelan government’s lack of cash to import gasoline combined with U.S.

sanctions targeting the oil sector have led to chronic fuel shortages in Venezuela.

That has upended a long-running, lucrative contraband gas trade..

Does Venezuela still have oil?

Venezuela is one of the world’s largest exporters of oil and has the world’s largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. … Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC).

Does Venezuela sell oil?

Explainer: U.S. sanctions and Venezuela’s trade and oil industry partners. … In January the United States imposed sanctions on Venezuela’s most important global business – producing and selling crude oil, which accounts for more than 95 percent of the country’s export revenue.

How much oil is left in Venezuela?

Oil Reserves in Venezuela Venezuela holds 299,953,000,000 barrels of proven oil reserves as of 2016, ranking 1st in the world and accounting for about 18.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption.

Will we run out of gasoline?

While fossil fuels were formed millions of years ago, we’ve only been using them for fuel for a fairly short period of time – just over 200 years. If we keep burning fossil fuels at our current rate, it is generally estimated that all our fossil fuels will be depleted by 2060. …