Petrol for Rs 2 a Liter: Venezuela's Oil Riches and US Ambitions
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News18•23-01-2026, 13:03
Petrol for Rs 2 a Liter: Venezuela's Oil Riches and US Ambitions
- •Venezuela offers petrol at an astonishingly low price of Rs 2 per liter ($0.02), due to its vast oil reserves.
- •The country holds the world's largest oil reserves, estimated at 303 billion barrels, valued at $17.3 trillion.
- •Despite immense reserves, Venezuela's oil production has plummeted from 3.5 million barrels/day in the 1990s to less than 1 million barrels/day due to economic issues and US sanctions.
- •Former President Hugo Chávez nationalized oil resources, leading American companies to withdraw, a move Trump now seeks to reverse.
- •US plans to boost Venezuela's oil production to 1.5 million barrels/day within two years, offering subsidies to investing companies.
Why It Matters: Venezuela boasts the world's cheapest petrol and largest oil reserves, attracting US interest despite past challenges.
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