@mekkaokereke Venezuela has the largest reserves in the world, but it's low quality very heavy crude. It is more expensive to extract and refine fuel from and requires specialized refineries (compared to, for instance, Saudi Arab Light Crude), making it much less desirable. Venezuela's oil industry is in shambles due to it being looted by the Maduro regime and US sanctions. China is getting much closer to Venezuela and buying their oil, but they don't have a lot of refineries that can refine the lower quality very heavy crude. I'm sure they'll build more.
undefined
David Chasteen
@chasteen@hachyderm.io