Consider the following statements: Statement-I: Recently, Venezuela has achieved a rapid recovery from its…

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?
  1. Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
  2. Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
  3. Statement-I is correct, but Statement-II is incorrect
  4. Statement-I is incorrect, but Statement-II is correct

Solution

Venezuela continues to face a serious economic crisis with mass emigration of citizens — Statement-I is wrong. Venezuela does have the world's largest proven crude oil reserves (about 303 billion barrels per OPEC) — Statement-II is correct.

Asked in: UPSC Prelims 2024

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