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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
2.752
Quadrillion Btu
34
Crude Oil Proved Reserves
2018
302
Billion Barrels
1
Proved Reserves of Natural Gas
2018
203
Trillion Cubic Feet
9
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

  • Reduced capital expenditures by state–owned oil and natural gas company Petròleos de Venezuela, S.A. (PdVSA) are resulting in foreign partners continuing to cut activities in the oil sector, making crude oil production losses increasingly widespread. With Venezuela’s heavy dependency on the oil industry, the country’s economy will likely continue to shrink, and that the runaway inflation will remain the mainstay at least in the short term.
  • Venezuela’s revenue from oil exports is severely constricted because only about half of the exports generate cash revenues. U.S. refiners are among the few customers that still remit cash payments. The remaining crude oil exports are sold domestically at a loss or sent as loan repayments to China and Russia (the repayments to Russia are sent to Nayara Energy’s (formerly Essar) Vadinar refinery in India to service debt that Venezuela owes to Russian oil company Rosneft, the co–owner of the Vadinar refinery).

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Data