Venezuela's Untapped Riches: Beyond Oil, A Treasure Trove of Minerals and Gas

Venezuela, a nation often synonymous with its immense oil wealth, holds a truly staggering array of natural resources. Beyond its unparalleled crude oil reserves, the country boasts the ninth-largest natural gas deposits globally and a vast, largely untapped treasury of minerals, including gold, diamonds, and critical industrial metals.

Following recent political developments in Venezuela, the administration of US President Donald Trump has expressed a keen interest in rapidly restoring the country’s oil production and significantly expanding its mining sector. This strategic focus was underscored by US Commerce Secretary Howard Lutnick, who, speaking aboard Air Force One, remarked on Venezuela's rich potential: “You have steel, you have minerals, all the critical minerals, they have great mining history that’s gone rusty.” He added, “President Trump is going to fix it and bring it back,” highlighting the international attention directed at the nation's resource abundance.

Venezuela's Black Gold: The World's Largest Oil Reserves

Venezuela possesses the planet's largest proven oil reserves, estimated at an astounding 303 billion barrels as of 2023. This figure dwarfs the United States' reserves of 55.25 billion barrels, making Venezuela a pivotal player in the global energy landscape. The country also proudly holds the distinction of being a founding member of OPEC (the Organization of the Petroleum Exporting Countries), co-establishing the influential group in Baghdad in September 1960 alongside Iran, Iraq, Kuwait, and Saudi Arabia.

The Orinoco Belt: A Heavy Challenge

The vast majority of Venezuela's colossal oil reserves are concentrated within the Orinoco Belt, a sprawling region in the eastern part of the country covering approximately 55,000 square kilometers (21,235 square miles). This area is primarily controlled by Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA). The Orinoco Belt is characterized by its extra-heavy crude oil, a highly viscous and dense variety that presents significant extraction and refining challenges. Unlike lighter, sweeter crudes found in places like US shale, Orinoco's heavy crude is more complex and expensive to process, often selling at a discount. However, advanced refining techniques, particularly those available in US states like Texas and Louisiana, are well-suited to handle this type of oil.

From Global Supplier to Sanctioned Producer

Historically, Venezuela was a dominant force in global oil exports. In the late 1990s and early 2000s, it supplied roughly 1.5 to 2 million barrels per day to the United States, positioning itself as one of America's primary foreign oil sources. However, a confluence of political instability, mismanagement within PDVSA, chronic underinvestment, and stringent US sanctions on its energy industry have led to a dramatic decline in production. Despite these hurdles, production has seen a modest uptick; in 2024, Venezuela produced an average of 952,000 barrels per day (bpd), an increase from 783,000 bpd in 2023, according to PDVSA's reports to OPEC. In 2024, PDVSA's oil sales abroad reached an estimated $17.52 billion.

For the past decade, China has emerged as the largest buyer of Venezuelan crude. In November 2025 (prior to a reported US military blockade in December), Venezuela exported 952,000 barrels per day, with 778,000 barrels—an impressive 81.7 percent share—directed to China. The US remains the second-largest importer, accounting for 15.8 percent of Venezuela's oil exports, followed by Cuba, which imports nearly 2.5 percent.

Beyond Oil: What Resources Does Venezuela Have?

While oil dominates discussions about Venezuela's natural endowment, the country's subsurface treasures extend far beyond crude. So,what resources does Venezuela have — apart from the world’s most oil? The answer lies in its significant natural gas reserves and a spectrum of valuable minerals.

Abundant Natural Gas Reserves

Ranking ninth globally, Venezuela holds substantial natural gas reserves. According to the International Energy Agency, as of 2023, these deposits totaled approximately 5.5 trillion cubic meters (195 trillion cubic feet), representing a remarkable 73 percent of South America's total natural gas reserves. Interestingly, about 80 percent of the natural gas produced in Venezuela is a byproduct directly linked to crude oil extraction.

Venezuela's Untapped Mineral Riches: Gold and More

Beyond its fossil fuels, Venezuela holds the largest official gold reserves in Latin America. The World Gold Council, which monitors central bank holdings worldwide, estimates Venezuela's reserves at roughly 161.2 metric tonnes, valued at over $23 billion in today's market. Moreover, the nation is widely believed to possess some of the most significant untapped gold resources globally, though official data on these potential deposits is outdated.

A History of Ambitious Plans, Unfulfilled Potential

The pursuit of mineral wealth has been a long-standing national objective. In 2011, former President Hugo Chávez announced the ambitious Orinoco Mining Arc initiative, aimed at exploring, nationalizing, and exporting various metals. This vision was further expanded in February 2016 by President Nicolás Maduro, who designated 12 percent of the country for mining operations across several states. The government claimed the area held significant reserves of diamonds, nickel, coltan, and copper, alongside gold.

In 2018, Maduro launched a “Gold Plan” to attract foreign investment into gold mining, signing deals reportedly worth $5.5 billion. However, most of these agreements failed to materialize, and many of the designated mining areas have unfortunately remained under the control of non-state armed groups. Despite these challenges, a 2018 mineral report by Venezuela's Ministry of Ecological Mining Development estimated the country's gold holdings at a minimum of 644 metric tonnes, with the Venezuelan government suggesting the actual figures could be substantially higher.

A Future Built on Resources?

Venezuela's vast natural resource endowment presents both immense opportunities and complex challenges. From its unrivaled oil reserves to its substantial natural gas and diverse mineral wealth, the country holds the keys to potentially significant economic revitalization. However, unlocking this potential will require overcoming historical hurdles, attracting sustained investment, and navigating the intricate geopolitical landscape that has long defined Venezuela's resource-rich destiny.