In the eyes of many people, countries rich in oil resources are all rich, such as Dubai, Qatar, Saudi Arabia and other countries in the Middle East, with per capita GDP as high as tens of thousands of dollars.
However, there are exceptions to everything. Venezuela, which is also famous for its rich oil resources, has been in a slump in recent years, with the inflation rate as high as 1, times in 219 alone, and the economic crisis continues to worsen.
Venezuela is a veritable oil power. As early as 211, its proven oil reserves reached 296.5 billion barrels, ranking first in the world, more than 3 billion barrels than Saudi Arabia.
(Venezuelans looking for food in the street)
According to the latest estimate of the United States, Venezuela's heavy oil reserves have exceeded 5 billion barrels, more than double the internationally recognized quantity. The reserves of only one Orinoco oil belt are equal to the total reserves of Saudi Arabia.
according to the wealth of Saudi Arabia, Venezuela should be richer and more local tyrant. But why is Venezuela, now guarding the oil pillar industry known as black gold, too poor to open the pot? Moreover, they are not only poor, but also need to import oil from abroad. What's going on here?
first, the quality of crude oil is poor and it is difficult to exploit.
in countries like Saudi Arabia and Russia, oil resources are not deeply buried. Just set up an oil well, and you will soon be able to dig out oil and sell it for money. Moreover, these oils are light oils with few impurities, and buyers can sell them through simple treatment. The processing procedure is simple and the oil quality is good, which is very popular in the world.
Venezuela is very sad. Although the reserves are the highest in the world, these oil resources buried nearly 1, meters underground belong to poor quality high-sulfur heavy oil. This kind of crude oil is hidden in the deep underground in the form of oil sands, which is not only extremely difficult to exploit, but also extremely expensive. And it must be refined and mixed before it can be exported. Compared with light oil, the quality is much worse, so we can only rely on low-price strategy and sell it to some economically backward areas.
The secondary processing caused by difficult exploitation and poor oil quality has seriously affected the production efficiency and cost of Venezuelan oil. Under the premise that the world is rich in light crude oil, oil and gas exploration enterprises are of course unwilling to exploit heavy oil. Especially today, when oil prices have plummeted, no one wants to lose money and earn money.
the difficulty of mining also determines the productivity. In terms of daily output, Saudi Arabia's highest daily output reaches 1 million barrels. Venezuela, with the highest oil reserves, has only 2 million tons, which can't even enter the top ten in the world.
in terms of mining cost, Saudi Arabia has the lowest mining cost, only USD 3/barrel. Venezuela is as high as $23/barrel, more than seven times. With the international crude oil price of $2/barrel today, it is no wonder that Venezuela is willing to import crude oil.
(Saudi Aramco)
Second, the investment in facilities is small and the refining technology is backward.
like Saudi Arabia, Venezuela's initial oil exploitation system also relied on European and American oil companies. They rent land to oil companies in Europe and America, and collect rent and dividends themselves.
In this way, a lot of oil profits are taken away by foreign companies, so both Saudi Arabia and Venezuela want to regain oil control.
Saudi Arabia took control of Saudi Aramco for 2 years through continuous acquisition of equity, but did not participate in the operation and management of the company. The exploitation and sales of oil are still the responsibility of Europeans and Americans. As a result, the technology and market of Aramco have been continuously improved, with lower and lower costs and higher profits.
Venezuela's approach is simple and crude. Since 197s, it has been stipulated that new oil fields can only be exploited by Venezuela's national oil company. Foreign oil companies are constantly raising taxes and rents, even collecting 9% of their profits. Unprofitable foreign capital can only be evacuated in large quantities. Venezuela has also been sanctioned by various countries.
So Venezuela's oil exploitation technology stayed in the 197s. Corresponding to the high mining cost, the low level of petroleum smelting. The natural profit of these low-end oil varieties is extremely low. Therefore, although the oil reserves are the largest, the income from selling oil can't be compared with Saudi Arabia at all.
(former President Chá vez)
Third, the implementation of high welfare, no financial accumulation.
in the 199s, international oil prices made great strides.
after the Iraq war, the price of crude oil soared to more than $14 per barrel. At that time, Venezuela benefited from high oil prices and made a lot of money, becoming a rich country in Latin America.
However, at that time, Venezuela did not use the money to improve the level of oil exploitation, update advanced equipment, establish diversified industrial systems and industries, and did not make financial accumulation.
At that time, President Chá vez, in order to win votes, promoted high welfare throughout the country. Free medical care, free education, free housing, free gasoline and free wages are all available. Venezuelans at that time almost became the envy of people all over the world.
this catering model can maintain its prosperity when the oil price reaches more than 1 dollars. However, when the oil price fell below $5, or even to $2 today, Venezuela was only poor enough to go bankrupt and wail.
Of course, poverty in Venezuela has a lot to do with US sanctions. Because it is located in Latin America, but it confronts the United States everywhere, Venezuela's oil exports have been sanctioned by the United States. Except Cuba, South American countries are afraid to trade with it. And if it is sold to other continents, the high transportation cost will not be worth the loss.