Q. 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 answer: (d) Statement-I is incorrect, but Statement-II is correct
Question from UPSC Prelims 2024 GS Paper
Explanation :
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.
– This statement is incorrect. Venezuela continues to face severe economic challenges including hyperinflation, poverty, and shortages of basic goods
– There is still significant emigration from Venezuela, with millions having left the country in recent years
– The humanitarian crisis continues to drive people to neighboring countries like Colombia, Peru, and Ecuador
Statement II: Venezuela has the world’s largest oil reserves.
– This statement is correct. Venezuela has the world’s largest proven oil reserves, estimated at around 300 billion barrels
– This is more than Saudi Arabia’s reserves, making Venezuela the country with the largest known oil reserves globally
