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Why is much of Venezuela’s oil harder to extract than Saudi Arabia’s, despite Venezuela’s larger reserves?

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1. Why is much of Venezuela’s oil harder to extract than Saudi Arabia’s, despite Venezuela’s larger reserves?

Venezuela’s oil is mostly offshore and inaccessible

Much of it is extra-heavy crude from the Orinoco Belt, requiring more complex extraction technology

Venezuela has no refining capacity at all

International law prohibits Venezuelan oil extraction

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