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?

Correct option is D

Statement-I is incorrect.

Venezuela continues to experience a severe economic crisis, characterized by hyperinflation, widespread poverty, and shortages of basic goods. The economic situation has not improved significantly, and millions of Venezuelans have emigrated to neighboring countries in recent years to escape the economic hardship. The Venezuelan migration crisis is one of the largest in the world, with many citizens fleeing to countries like Colombia, Brazil, and even the United States.

Statement-II is correct.

Venezuela possesses the largest proven oil reserves in the world, estimated to be around 300 billion barrels. Despite these vast reserves, Venezuela's economic crisis persists due to mismanagement of the oil sector, international sanctions, and falling production levels. The country’s oil industry has not been able to recover fully due to political instability and infrastructure issues.