Quote from: snipie on September 30, 2015, 05:18:15 PM

Quote from: Santoso on September 30, 2015, 05:09:54 PM

As I know, Venezuela is a world's fifth largest oil exporting country.

And it has the highest oil reserves - 1st
Source
http://www.opec.org/opec_web/en/data_graphs/330.htm

That is misleading. Most of the petroleum reserves within Venezuela are composed of tight oil and oil sands. It is extremely expensive to extract this type of oil. When the crude oil price jumps to $100 to $110 a barrel, drilling for this type of oil might be profitable. But when the oil price slumps to sub-50 levels, no one will even give a thought about extracting these reserves.