Trump's Oil Grab: What It Means for Global Energy Markets and Regional Politics Venezuela's oil reserves are a vital component of the global economy, accounting for roughly 3% of the world's total proven oil reserves.
The country's rich oil resources have long been coveted by foreign powers, including the United States, which has a complex history of involvement in Venezuela's energy sector.
Understanding the Context of Venezuela's Oil Reserves Venezuela's estimated oil reserves are in the low hundreds of billions of barrels, with estimates ranging as high as 300 billion barrels.