Will Venezuela produce as much oil as Saudi Arabia?

Because the price of oil determines whether or not extracting it is profitable, Dutch Disease is worse for those with higher production costs. Venezuela's oil is often offshore or far underground, making it expensive and difficult to extract. read more

Venezuela has overtaken Saudi Arabia as the world leader in oil reserves with certified deposits leaping to 297 billion barrels at the end of 2010, President Hugo Chavez's government said Saturday. read more

Saudi Arabia maintains the world’s largest crude oil production capacity, estimated to be approx. 11 Mbbl/d at mid-year 2008 and announced plans to increase this capacity to 12.5 Mbbl/d by 2009 Cumulative production through the end of 2009 was 119.4 billion bbl. Using the stated number of 267 Gbbl, past production amounts to 40% of the stated remaining proved reserves. read more