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The Big Venezuelan Oil Bluff: Why 300 Billion Barrels Are Worth (Almost) Zero - Economic Scenarios
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The Big Venezuelan Oil Bluff: Why 300 Billion Barrels Are Worth (Almost) Zero - Economic Scenarios
Venezuela is often described as the world's oil safe. With over 300 billion barrels of proven reserves, Caracas officially looks down on even Saudi Arabia. A powerful narrative, suggesting immense wealth blocked only by sanctions and bad policy, ready to explode as soon as the wind changes in Miraflores. However, as often happens in economics, the reality is much more complex (and less rosy) than statistics. If we analyze the technical and geolo…
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