Jorge Pinon, an energy expert at Florida International University in Miami, said that Venezuela's state oil company has suffered from a lack of adequate technology and investment, hurting oil output in recent years.

"You can be sitting on the world's largest oil reserves but if you do not have capital, technology, know-how, and most important, stewardship of the enterprise," Pinon said, "they are worthless." _ AP

Venezuela is sitting on over one trillion barrels of oil

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