Petrol for Rs 2 a Liter: Venezuela's Oil Riches and US Ambitions

• Venezuela offers petrol at an astonishingly low price of Rs 2 per liter ($0.02), due to its vast oil reserves.
• The country holds the world's largest oil reserves, estimated at 303 billion barrels, valued at $17.3 trillion.
• Despite immense reserves, Venezuela's oil production has plummeted from 3.5 million barrels/day in the 1990s to less than 1 million barrels/day due to economic issues and US sanctions.
• Former President Hugo Chávez nationalized oil resources, leading American companies to withdraw, a move Trump now seeks to reverse.
• US plans to boost Venezuela's oil production to 1.5 million barrels/day within two years, offering subsidies to investing companies.

Why It Matters: Venezuela boasts the world's cheapest petrol and largest oil reserves, attracting US interest despite past challenges.