Article

Venezuela, home to the world's largest oil reserves, has seen its daily production plummet from 3.5 million barrels to under 1 million due to an economic crisis, with recovery requiring significant investment and time. The extraction of its high sulfur, extra-heavy oil is costly and energy-intensive, resulting in greenhouse gas emissions that are three to four times higher than conventional oil. Environmental degradation is severe, marked by over 46,000 oil spills from 2010 to 2016, deforestation from illegal mining, and significant gas flaring, as the government prioritizes gold mining over environmental protection.