Venezuela's Most Critical Natural Resource: Oil

Oil is Venezuela's paramount natural resource.

• Reserves: ~303 billion barrels (world's largest proven reserves).
• Economic Role: >90% of export earnings; ~50% of government revenue historically.
• Industry: State-owned PDVSA controls exploration, production, refining.

Heavy reliance creates vulnerability to price shocks. Diversification attempts have struggled. Other resources: natural gas, gold, iron ore, bauxite, hydroelectric potential, arable land.