Which country has the largest oil reserves in south america?

Step 1 : Introduction to the question "Which country has the largest oil reserves in south america? "

A 2008 United States Geological Survey estimates that areas north of the Arctic Circle have 90 billion barrels (1.4×1010 m3) of undiscovered, technically recoverable oil and 44 billion barrels (7.0×109 m3) of natural gas liquids in 25 geologically defined areas thought to have potential for petroleum.

Step 2 : Answer to the question "Which country has the largest oil reserves in south america? "

Oil was discovered in the early 20th century, and Venezuela has the world's largest known oil reserves and has been one of the world's leading exporters of oil.

Step 3 : Other interesting facts related to the question "Which country has the largest oil reserves in south america? "

Previously an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil quickly came to dominate exports and government revenues. The 1980s oil glut led to an external debt crisis and a long-running economic crisis, in which inflation peaked at 100% in 1996 and poverty rates rose to 66% in 1995 as per capita GDP fell to the same level as 1963, down a third from its 1978 peak

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