$18 trillion in oil, gold: Why Venezuela's resources matter worldwide
What's the story
The United States on Saturday attacked Caracas, capturing Venezuelan President Nicolas Maduro and his wife and flying them to the US for trial. This dramatic geopolitical shift could impact oil prices, investor sentiment, and global supply chains, highlighting why Venezuela's vast resources matter worldwide. The Latin American nation has the largest proven hydrocarbon reserves in the world, with 303 billion barrels of oil reserves alone. This massive reserve is estimated to be worth around $17 trillion at current market prices.
Resource inventory
Venezuela's natural gas and iron ore reserves
In addition to oil, Venezuela also has around 200 trillion cubic feet of natural gas reserves. These are estimated to be worth over $800 billion at current market prices. The country also boasts a whopping four billion tons of iron ore reserves, the 12th largest in the world. At current prices, these iron ore reserves are valued at over $400 billion.
Precious metals
Venezuela's gold and rare earth mineral reserves
Venezuela also has significant reserves of gold and rare earth minerals, which are essential in today's world. The country currently holds 161 metric tons of gold reserves worth $22 billion. Notably, every $100 increase in prices adds $500 million to the value of these holdings. There are also untapped coal, nickel, copper, and phosphate reserves in Venezuela that could be of interest to global powers.