Consider the following statements:
- Statement-I: Recently, Venezuela has achieved a rapid recovery from its economic crisis and succeeded in preventing its people from fleeing/emigrating to other countries.
- Statement-II: Venezuela has the world's largest oil reserves.
Which one of the following is correct in respect of the above statements?
Answer & explanation
Answer: (d) Statement-I is incorrect, but Statement-II is correct
Statement-I is wrong: Venezuela has not recovered from its economic crisis, and people have kept leaving, with UNHCR counting nearly 7.9 million Venezuelans abroad in its latest update. Statement-II is right: Venezuela holds the world's largest proven crude oil reserves, about 303 billion barrels in 2023.
- ✗ Statement-I The US Energy Information Administration says government mismanagement, sanctions and the country's economic crisis have severely hampered even its energy sector. UNHCR reports nearly 7.9 million people who have left Venezuela (December 2025 update), so emigration was not stopped.
- ✓ Statement-II Venezuela had the world's largest proven crude oil reserves in 2023, about 303 billion barrels or roughly 17% of global reserves. Its production is a small share of world output, which shows that reserves alone did not bring recovery.
Remember · Venezuela: crisis and mass emigration continue (nearly 7.9 million abroad, UNHCR Dec 2025), yet it has the world's largest proven crude oil reserves (about 303 billion barrels, 2023).
Sources
- Venezuela country analysis (US Energy Information Administration) ↗ “Venezuela had the world’s largest proven crude oil reserves in 2023 with approximately 303 billion barrels (Figure 5), accounting for approximately 17% of global reserves (Figure 6). … Several factors have severely hampered Venezuela’s energy sector, most notably government mismanagement, international sanctions, and the country’s economic crisis.”
- Venezuela situation, UNHCR (updated December 2025) ↗ · reference work “Nearly 7.9 million people have left Venezuela in search of protection and a better life. The majority – more than 6.9 million people – are hosted in Latin American and Caribbean countries.”
Question and answer: UPSC's official GS Paper I (2024, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). ·