Venezuela has the world's largest proven oil reserves.

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TRUE. Venezuela holds approximately 304 billion barrels of proven oil reserves—more than Saudi Arabia, Canada, or any other country. Despite this geological wealth, production has collapsed due to nationalization, mismanagement, sanctions, and infrastructure decay. The reserves are mostly heavy crude in the Orinoco Belt, which requires sophisticated technology and massive investment to extract—expertise that left with foreign oil companies after the 2007 nationalization.

Venezuela has the world's largest proven oil reserves.

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