Crude oil reserves as a share of worldwide reserves reached 18.2 % in 2017 in Venezuela, according to EIA. This is 0.308 % more than in the previous year.
Historically, crude oil reserves as a share of worldwide reserves in Venezuela reached an all time high of 18.2 % in 2017 and an all time low of 2.76 % in 1981. When compared to Venezuela's main peers, crude oil reserves as a share of worldwide reserves in Brazil amounted to 0.788 %, 0.121 % in Colombia and 0.015 % in Trinidad and Tobago in 2017.
Venezuela has been ranked 2nd within the group of 98 countries we follow in terms of crude oil reserves as a share of worldwide reserves, 6 places above the position seen 10 years ago.
Proved reserves are estimated quantities of energy sources that the analysis of geological and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions.