Venezuela claims world's largest oil reserves amid expert skepticism

Venezuela claims to possess 303.7 billion barrels of proven oil reserves, the largest volume in the world. However, energy analysts are questioning the reliability of these figures, suggesting the actual recoverable total under current conditions may be between 60 billion and 120 billion barrels.

The controversy follows an August announcement by U.S. President Donald Trump regarding an agreement that would grant Americans control over 65 billion barrels of Venezuelan proven reserves. Trump described the operation as the largest in history, intended to replenish U.S. strategic reserves and lower gasoline prices.

Experts argue the agreement may include nearly exhausted or undeveloped fields, particularly in the Orinoco Belt, where extraction is technically complex. Some analysts suggest the 65 billion barrels might represent oil existing underground rather than proven reserves, which must account for extraction viability. White House spokesperson Taylor Rogers defended the deal as a measure to stabilize the Venezuelan economy.