Venezuela possesses the world's largest proven oil reserves, which exceed even those of Saudi Arabia in terms of volume. This colossal natural wealth, however, has become a source of not only potential prosperity but also of deep socio-economic contradictions, known in political science as the "resource curse." The history of Venezuela's oil industry is a story of technological ambitions, geopolitical influences, and the complex intertwining of oil revenues with the nation's political destiny. Geological Heritage: the Orinoco Oil Belt The foundation of Venezuela's oil power is a unique geological object — the Orinoco Oil Belt, spanning an area of 55,000 square kilometers. The oil here is of the ultra-heavy and bituminous category. Its density and viscosity are comparable to that of cold molasses, making traditional extraction methods inapplicable. Complex and capital-intensive technologies, such as thermal impact with steam or dilution with special solvents, are required for its extraction and subsequent transportation. Despite the technological challenges, it was these reserves, officially certified in 2011, that propelled Venezuela to the top of the global ranking, with its resources estimated at over 300 billion barrels. Historical Transformation: from competition to nationalization The rise of Venezuela as an oil power began in the first third of the 20th century, when foreign corporations, primarily from the United States and the United Kingdom, gained extensive access to the development of fields. The country quickly became one of the key global exporters, and its political system became dependent on fluctuations in oil prices. The turning point was 1976, when the nationalization of the oil industry and the creation of the state company Petróleos de Venezuela, S.A. (PDVSA) were announced. This step symbolized the pursuit of national sovereignty over natural resources. For the next two decades, PDVSA was considered one of the most effective national oil compani ... Read more