Venezuela’s ‘Dirty’ Oil and the Environment: Three Things to Know
The New York Times••world
Key Points:
- Venezuela holds the world's largest oil reserves, estimated at 300 billion barrels, but most of its oil is extra-heavy and high in sulfur, making it one of the dirtiest types with significant climate-warming impacts.
- The country’s oil production has drastically declined from about 3.5 million barrels per day before the economic crisis to less than 1 million barrels daily under President Nicolás Maduro.
- Recovery to previous production levels is expected to take many years and require billions of dollars in investment amid environmental challenges such as high greenhouse gas emissions, vulnerability to oil spills, and rapid deforestation.
- The majority of Venezuela’s oil reserves are located in the Orinoco Belt, a large region in the eastern part of the country
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