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Artem Abramov
Oil and gas researcher and head of upstream research at Rystad Energy (energy research and business intelligence firm); provides expert analysis on Venezuela's oil production and reserves.
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Jan 10, 2026
• 9min
Does Venezuela really have the biggest oil reserves in the world?
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Artem Abramov, the lead of oil and gas research at Rystad Energy, dives into Venezuela's complex oil landscape. He discusses how Venezuela boasts 300 billion barrels of oil reserves, yet production has plummeted due to economic mismanagement. Abramov addresses why reserve estimates have remained stagnant over decades and evaluates the feasibility of restoring production within 18 months. He also highlights the challenges of extracting Venezuela's heavy oil and offers insights into the costs and timeline for revitalizing the oil industry.
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