Venezuela Economy & Oil Reserves
Question
Consider the following statements: Statement-I: Recently, Venezuela has achieved a recovery from its economic crisis succeeded in preventing its people 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?
Options
Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
Statement-I is correct, but Statement-II is incorrect
Statement-I is incorrect, but Statement-II is correct
Explanation
Statement-I is wildly incorrect; Venezuela remains in a protracted, deep economic crisis and continues to experience one of the largest mass emigrations and refugee crises in the world. Statement-II is correct; despite its poverty, Venezuela statistically sits on the world's largest proven oil reserves, surpassing Saudi Arabia.
Answer: (d).
Question details
Year
2024
Paper
GS Paper 1
Question
Q97
Subject
International Relations
Sub-topic
International Organizations
Type
Assertion-Reason
Difficulty
Medium
Nature
Current-affairs-linked
Source hint
OPEC Proven Crude Reserves / Venezuela Economic Migrant Crisis 2023
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