Stock market day Tuesday, 21 May 2019

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<p class=In South America, Venezuela is now only the fourth largest oil producer – behind Brazil, Mexico and Colombia.

(Photo: imago / ZUMA Press)

Venezuela sits on the largest oil reserves in the world – it can draw more black gold than it sleeps among the deserts of Saudi Arabia. But the country, plagued by crisis, is not currently receiving the treasure in its land: production is diminishing this year even more, while Venezuela is producing less oil than the neighboring country Colombia, reports "Bloomberg".

The surprising thing is that Colombia does not even have 1% of Venezuela's oil reserves. The daily production of Colombia was around March 890,000 barrels – Venezuela could only 740,000 barrels in the light of day. Germany Incidentally, pumping lasts less than 50,000 barrels a day from home soil.

In other numbers: Venezuela has reservations with a tremendous volume 302.3 billion barrels – the good thing: if the country continues to promote at the current rate, the stocks would have lasted for more than 1000 years.

For comparison: Saudi Arabia reaches 266.5 billion barrels of reserves, Canada at around 170 billion barrels. Colombia, on the other hand, has only 1.96 billion barrels – roughly the same as in the African state of Gabon.

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