Question
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?
Correct Answer — D
Explanation
Answer: Statement I is incorrect, but Statement II is correct
- Statement I is incorrect: Venezuela has not achieved a rapid recovery. It remains in deep economic distress with high inflation, poverty, and shortages. More than 7.7 million Venezuelans have fled the country, creating one of the largest displacement crises in the world.
- Statement II is correct: Venezuela holds the world’s largest proven oil reserves (~303 billion barrels, primarily heavy crude in the Orinoco Belt), ranking ahead of Saudi Arabia.