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Venezuela's Key Energy Statistics world rank
Total Primary Energy Production
2016
6.914
Quadrillion Btu
18
Total Primary Energy Consumption
2016
2.745
Quadrillion Btu
34
Crude Oil Proved Reserves
2017
301
Billion Barrels
1
Proved Reserves of Natural Gas
2017
201
Trillion Cubic Feet
8
Exports of Crude Oil including Lease Condensate
2016
1,725
Thousand Barrels Per Day
8
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Map of Venezuela
Map of Venezuela

Analysis - Energy Sector Highlights Last updated: June 21, 2018

  • Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
  • Venezuela has the world’s largest proved oil reserves, but production of oil and other liquids has been steadily decreasing. Most recent production data indicate that crude oil output has reached a multi-decade low as oil sector mismanagement and economic problems affect the industry.
  • At 2.2 million barrels per day (b/d) of petroleum and other liquids produced in 2017, Venezuela was the 12th largest global producer. However, crude oil and other liquids production is continuing to fall amid Venezuela’s economic woes, with declines widespread among PdVSA and joint venture projects.
  • Venezuela was the fourth-largest supplier of imported crude oil and petroleum products to the United States in 2017. However, in the first quarter of 2018, Venezuela’s exports to the United States have fallen to the lowest level since the 2002—03 strike.
  • In 2017, Venezuela had about 2.7 million b/d of total nameplate refining capacity assets throughout the United States, the Caribbean, Europe, and in Venezuela. However, actual operating capacity is significantly lower—estimated at about 1.8 million b/d—as a result of the disrepair at PdVSA’s refineries in Venezuela, which have operated at rates as low as 20% in 2017 and in early 2018.

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Data