OPEC Founder Venezuela Pumps Less Oil Than Three of Its Neighbors
- Colombia surpasses Venezuela for first time in 89 Years
- Venezuelan oil production fell to a 69-year low in 2018
Photographer: Diego Giudice/Bloomberg
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Venezuela, which sits atop more oil than Saudi Arabia, has fallen behind three other Latin American countries as years of mismanagement and lack of investments take its toll.
The OPEC founding member produced 740,000 barrels a day in March, while Colombia’s oil reserves are less than 1% of Venezuela’s, produced 884,815 barrels. Venezuela has oil reserves of 302.3 billion barrels, while the neighboring Latin American country holds volumes almost as large as Gabon’s, with 1.96 billion barrels.