Tag: Oily Country

Oily Country: Dutch Disease

Venezuela is one of the world’s largest exporters of oil and has the world’s largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. The country is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). Despite the knowledge of the existence of oil reserves in Venezuela for centuries, the first oil