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As of 2023, Venezuela holds the largest known reserves of oil, estimated at 303 billion barrels (Bbbl). This makes it the country with the most significant oil reserves globally, surpassing [[Saudi Arabia]], which ranks second with 267.2 Bbbl.<ref>https://www.visualcapitalist.com/countries-with-the-largest-proven-oil-reserves/</ref>

As of 2023, Venezuela holds the largest known reserves of oil, estimated at 303 billion barrels (Bbbl). This makes it the country with the most significant oil reserves globally, surpassing [[Saudi Arabia]], which ranks second with 267.2 Bbbl.<ref>https://www.visualcapitalist.com/countries-with-the-largest-proven-oil-reserves/</ref>

The country rose to prominence after 1999, when the [[leftist]] [[dictator]] [[Hugo Chavez|Hugo Chávez]] assumed power and started imposing what he calls "[[socialism]] of the 21st century", aligning himself with terrorist regimes like [[Iran]], and using his petrodollars to influence other countries in the region. After Chavez's death in 2012, his successor [[Nicolas Maduro]] continued those policies also when the mostly liberal opposition alliance [[Democratic Unity Roundtable|MUD]], a coalition of [[liberal]], [[Christian democracy|Christian democratic]] and centrist parties, got a majority in the Venezuelan parliamentary elections on December 6, 2015.<ref>[https://www.reuters.com/article/us-venezuela-election-idUSKBN0TP03Y20151208 Triumphant Venezuela opposition looks to boost economy, free prisoners]</ref>

The country rose to prominence after 1999, when the [[leftist]] [[dictator]] [[Hugo Chavez|Hugo Chávez]] assumed power and started imposing what he calls "[[socialism]] of the 21st century", aligning himself with terrorist regimes like [[Iran]], and using his [[petrodollar]]s to influence other countries in the region. After Chavez's death in 2012, his successor [[Nicolas Maduro]] continued those policies also when the mostly liberal opposition alliance [[Democratic Unity Roundtable|MUD]], a coalition of [[liberal]], [[Christian democracy|Christian democratic]] and centrist parties, got a majority in the Venezuelan parliamentary elections on December 6, 2015.<ref>[https://www.reuters.com/article/us-venezuela-election-idUSKBN0TP03Y20151208 Triumphant Venezuela opposition looks to boost economy, free prisoners]</ref>

Once the wealthiest South American countries, [[socialist]] policies created instability and mass starvation by 2019.<ref name="Socialism">Multiple references:

Once the wealthiest South American countries, [[socialist]] policies created instability and mass starvation by 2019.<ref name="Socialism">Multiple references: