Venezuela claims to have 300Bn barrels of oil in the ground. Experts claim maybe

A single figure sets Venezuela apart from the rest of the world: 303 billion barrels of so-called proven oil reserves. But experts say the country's estimate is inherently problematic and far from proven — rooted in exaggerated, aging data from a corrupt government.The number has long been touted by politicians and investors as an important measure of untapped energy potential, most recently by President Donald Trump's administration in detailing a sweeping deal for the U.S. to take control of some Venezuelan reserves. But a more realistic estimate of the country’s proven reserves — a gold standard metric, representing the amount of oil that can reasonably be extracted under current conditions — is about one-third of what it has reported, half a dozen experts told The Associated Press. They put the likely figure at 60 to 120 billion barrels, a vast amount but not enough for Venezuela to remain the world’s largest holder of reserves.The distinction is an important one as Venezuela and the U.S. attempt to attract new investment into the country’s dilapidated oil industry, and it suggests that the deal Trump announced in August claiming the U.S. would ultimately control more than 65 b...