Venezuela migration and oil reserves — UPSC Prelims PYQ 2024

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?

Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
Statement-I is correct, but Statement-II is incorrect
Statement-I is incorrect, but Statement-II is correct

Explanation

Statement 1 is incorrect

Venezuela has been facing one of the largest displacement crises in the world. Rampant violence, inflation, gang warfare, soaring crime rates, and shortages of food, medicine and essential services are forcing millions to flee. Nearly 8 million Venezuelans are displaced globally, with the majority — more than 6.5 million — currently residing in Latin America and the Caribbean. This is the largest forced displacement crisis ever in Latin America.

Statement 2 is correct

Venezuela has the largest reserves of oil in the world. Most of these reserves are located in the Orinoco belt.

northern South America, highlighting countries Colombia, Venezuela, Guyana, and Brazil with major cities like Bogota, Caracas, and Georgetown labeled in red. Key geographical features include Lake Maracaibo, Orinoco and Amazon rivers, and the Equator line

PMF Concept Hack

Statement I can be inferred as incorrect using basic current-affairs awareness—Venezuela has faced a prolonged economic and migration crisis, and large-scale emigration has continued. So, claiming it has rapidly recovered and stopped migration is unlikely. Statement I is incorrect, Statement II is correct → Answer: (d)