For the last two days, the country of Venezuela is being discussed everywhere in the world. The United States has taken military action against this country. With the news of the arrest of the President of Venezuela, China and Russia have made many big and strong statements in favor of Venezuela.
Why did Trump take such a big decision?
After this action by a superpower, people around the world are looking for an answer to this question, what is it in the country of Venezuela that Trump took such a big decision? Let it be known that the American government has attributed this to drugs and its deadly effect on America.
Now if we understand Venezuela, the reason behind this is something else. Venezuela has a huge treasure, which is the dream of every superpower country.
Venezuela's economy is not strong but it has wealth that exceeds the GDP of many major economies. According to an estimate, Venezuela has reserves of 20 to 25 lakh crore dollars.
- It has crude oil resources worth $1.8 trillion at $60 per barrel.
- There are reserves of natural gas equivalent to 1 to 2 lakh dollars.
- There are 150 to 300 billion dollars worth of coal reserves.
- There are more than 22 billion dollars in gold reserves.
- There are reserves of iron ore worth more than 1 lakh crore.
- Apart from this, Venezuela also has many other metal deposits.
Venezuela also has the world's largest oil reserves. According to estimates, the country has 303 billion barrels of crude oil. Compared to other countries, Saudi Arabia has 267 billion barrels of oil reserves and Iran has 209 billion barrels of oil reserves. The reserves of other countries have fallen below 200 billion.
How much oil is produced in Venezuela?
Not only this, Venezuela has the lowest oil production among the OPEC countries. Whether due to the US embargo or lack of investment, Venezuela's production levels are at an estimated 1.5 million barrels per day.
In comparison, Russia and Saudi Arabia are producing more than 8 million barrels of crude per day. Overall, Venezuela has more crude oil capacity than any other country in the world. Hence, other countries are constantly watching this country.
On the one hand, the world is focusing on Venezuela's oil reserves. However, the country has the largest gold reserves among Latin American countries. According to one estimate, Venezuela has more than 600 metric tons of gold reserves, with a total value of more than $20 billion.
Why was 'Venezuela' left behind?
Significantly, gold prices are rising sharply. As a result, gold mining has become increasingly profitable, meaning gold reserves have become more valuable. Venezuela has not been able to tap into this wealth for several reasons, at one time the country was making good money from oil.
However, the government did not pay much attention to its option. Consequently, when oil prices suddenly fell, the economy collapsed. Along with this the economy did not improve due to poor decisions, corruption and US sanctions.
Secondly, extracting natural resources requires large sums of money. In such a situation, the government could not prepare new infrastructure due to lack of funds. Due to this the country did not benefit from oil, gas and even gold.
What effect will this have on 'India'?
If the Venezuelan government cooperates with the US, it is possible that in the future, the sanctions imposed on Venezuela will be lifted and the supply of oil will start in the market.
Due to this, crude oil prices may remain low, which will be beneficial for India. India imports limited oil from Venezuela. If production increases, India can increase its purchases. This will also reduce the pressure of US embargo.
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