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?

(a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-I

(b) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I

(c) Statement-I is correct, but Statement-II is incorrect

International relations & current affairs

Prelims · International relations & current affairs · 27 questions

India & the world: places, pacts & relations

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Prelims 2024 · Q87

Medium

Consider the following pairs:

	Country	Reason for being in the news
1.	Argentina	Worst economic crisis
2.	Sudan	War between the country's regular army and paramilitary forces
3.	Turkey	Rescinded its membership of NATO

How many of the pairs given above are correctly matched?

Answer & explanation

Answer: (b) Only two pairs

Pairs 1 and 2 are correct. Argentina was in a deep economic crisis in 2023-24, and Sudan has been at war since April 2023 between its army and the paramilitary Rapid Support Forces. Turkey did not leave NATO: it has been a member since 1952 and is on NATO's list of 32 members in 2024.

✓ 1. Argentina's economy was in deep crisis around 2023-24. The IMF describes elevated and rising inflation, depleted reserves and high poverty as the inheritance of the new government, and an economy pushed to the brink of a full-blown balance of payments crisis.
✓ 2. Since 15 April 2023 the Sudanese Armed Forces (SAF) have been fighting the paramilitary Rapid Support Forces (RSF), a conflict that has displaced millions.
✗ 3. Turkey (Türkiye) joined NATO on 18 February 1952 and remained a member. NATO's page of member countries, updated 11 March 2024, lists Türkiye among its 32 members.

Remember · Sudan: army (SAF) versus paramilitary RSF since April 2023. Argentina: deep economic crisis in 2023-24. Turkey stayed in NATO, a member since 1952.

Sources

IMF Country Report No. 24/37, Argentina (2024) ↗ “Inconsistent policies and mismanagement of the drought pushed the Argentine economy to the brink of a full-blown balance of payments crisis.”
Sudan emergency, UNHCR ↗ · reference work “Deadly armed conflict between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF) in Sudan and the resumption of inter-communal violence in the Darfur region has forced millions of people from their homes.”
NATO member countries (updated 11 March 2024), nato.int ↗ “Three years after the signing of the Washington Treaty, on 18 February 1952, Greece and Türkiye joined NATO.”

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). Permalink ·

Prelims 2024 · Q97

Medium

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). Permalink ·

The same topic in Mains

India & its neighbourhoodGS 2 syllabus
Groupings & agreementsGS 2 syllabus
Other countries' policies & the diasporaGS 2 syllabus

India & the world: places, pacts & relations

Prelims 2024 · Q87

Prelims 2024 · Q97

The same topic in Mains

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