Venezuela, as we've talked about, has the highest proven reserves of oil in the world. No country has more. But the Venezuelan infrastructure is completely collapsed. Communism is not capable of producing what they should. And so Venezuela right now is producing about a million barrels a day, which is a fraction of what their capacity is. I will say, I asked one of the major CEOs, I said, okay, what would the timeframe be to take Venezuela from 1 million barrels a day to 3 million barrels a day? (28:36–28:42)
CLAIM
Asserts that Venezuela's current oil production is about one million barrels per day, below its capacity.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
