Consider the following statements:Statement-I: Recently, Venezuela has achieved a rapid recovery fro

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?

Accepted Answer

With an exodus of more than 7.72 million people since 2014, the refugee crisis in Venezuela is the largest displacement crisis in Latin America and one of the largest in the world. Several root causes generate this unprecedented flow of migrants and refugees, including a deep economic crisis, repression, and democratic breakdown in Venezuela. With the sometimes tumultuous changes in governments in Latin America, Venezuelans prefer to leave receiving countries rather than go through another national crisis. Since these elements will remain throughout the year, migration flows are expected to continue and even increase in 2024. Hence, statement-I is not correct.Venezuela has the world’s largest proven crude oil reserves accounting for approximately 17% of global reserves. Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Hence, statement-II is correct.