UPSC CSE 2024 · PYQ · Current Affairs / World Resources · medium
Consider the following statements : Statement-I : Recently, Venezuela has achieved a rapid recovery from its economic crisis and succeeded in preventing its people from 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 ?
A.Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
B.Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
C.Statement-I is correct, but Statement-II is incorrect
D.Statement-I is incorrect, but Statement-II is correct✓ Correct
Explanation
Statement-I is incorrect: Venezuela continues to face a severe economic and humanitarian crisis with hyperinflation, poverty, and a massive exodus — over 7 million Venezuelans have fled the country, one of the world's largest displacement crises. Statement-II is correct: Venezuela holds the world's largest proven oil reserves (about 303 billion barrels), surpassing even Saudi Arabia, though much of it is heavy crude that is costly to extract. Hence only Statement-II is correct.
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