2nd rank in the world.
oil
Venezuela is having problems with oil production in 2017.
oil production
Iran rank Third in oil reserves in the world
Venezuela qualifies as such. Its production for 2013 was 3.02 million oil barrels per day, qualifying as the 9th largest producer in the world.
They rank #4 behind Texas, Alaska, and California respectively. However, federal offshore production is technically #1 with about 500mil barrels of oil produced per year.
oil
Venezuela has the largest oil reserves in the Western Hemisphere.
Venezuela has some of the largest oil and natural gas reserves in the world.
Venezuela.
USA
With Venezuela dropping the prices of oil, it can make their economy low and it is hurting people in Venezuela even though sometimes they have to pay less.