The correct option indicates that Statement-I is incorrect, while Statement-II is correct. Venezuela indeed has the world’s largest oil reserves, which historically positioned the country as a major player in the global oil market. However, in recent years, Venezuela has faced a severe economic crisis characterized by hyperinflation, depletion of its oil production capabilities, and significant emigration of its citizens due to deteriorating living conditions. This distinction highlights the complexity of resource wealth and economic stability; despite having abundant natural resources, poor governance and economic mismanagement can lead to social and humanitarian crises, a crucial concept in understanding economic development in the context of resource-rich countries.