What resources does Venezuela have apart from the world's most oil?

"You have steel, you have minerals, all the critical minerals, they have great mining history that's gone rusty, US Commerce Secretary Howard Lutnick told reporters on Sunday from aboard Air Force One. President Trump is going to fix it and bring it back. So, what reserves and resources does Venezuela have? Venezuela has the world's largest proven oil reserves, estimated at 303 billion barrels as of 2023, more than five times the amount the United States has, which is 55.25 billion barrels."

"Venezuela's oil reserves are concentrated primarily in the Orinoco Belt, a vast region in the eastern part of the country stretching across roughly 55,000 square kilometres (21,235 square miles), which is controlled by Venezuela's state-owned oil company, Petroleos de Venezuela (PDVSA). The Orinoco Belt holds extra-heavy crude oil, which is highly viscous and dense, making it much harder and more expensive to extract than conventional crude oil. As a result, it typically sells at a discount compared to lighter, sweeter crudes,"

Venezuela holds the world's largest proven oil reserves, estimated at 303 billion barrels in 2023, compared with the United States' 55.25 billion barrels. The country also ranks among the top ten for natural gas reserves and contains vast untapped minerals, including gold and other critical minerals, with a long but declined mining history. Oil is concentrated in the Orinoco Belt, a roughly 55,000 square kilometre region controlled by state-owned PDVSA that contains extra-heavy, viscous crude requiring more complex and costly extraction. Extra-heavy crude typically sells at a discount and needs advanced refining, available in US Gulf Coast refineries. The US administration seeks to rapidly restore Venezuelan oil output and expand the mining sector as strategic economic opportunities.

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