Venezuelan Oil

Venezuelan oil is a major global energy resource, primarily consisting of heavy, viscous crude from the country's vast oil reserves. Historically a leading producer, Venezuela's economy heavily relies on oil exports, which fund government programs. However, challenges such as aging infrastructure, political instability, and lack of investment have reduced production and made it difficult to meet global demand. Oil extraction in Venezuela is primarily managed by state-owned company PDVSA. Despite potential, the country's oil industry faces significant hurdles affecting its ability to fully capitalize on its resource wealth.