Venezuelan oil industry has with largest reserves
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| Overview of Venezuela’s Oil |
Venezuela ranks first in the world in terms of oil reserves, followed by Saudi Arabia and then Iran. Venezuela possesses 19.4% (one-fifth) of the world's total oil reserves, estimated at approximately 303.2 billion barrels.
The US holds only 14.8% of the oil volume that Venezuela possesses, ranking ninth globally in terms of reserves. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC).
Venezuelan oil is "heavy" and ideal for refineries in the United States. Despite these massive reserves, Venezuela's oil production levels are very modest; consequently, the reserve life exceeds 300 years at current production rates.
▪️ In the 1970s, Venezuela produced 3.5 million barrels of oil per day, representing 7% of global production. Currently, it produces only 1.1 million barrels per day, accounting for approximately 1% of the global output.
▪️ Production declined due to US sanctions, a drop in investment, and the deterioration of oil infrastructure. Chevron is the only major American company currently operating in Venezuela.
▪️ Despite its challenges, the Venezuelan economy is an oil economy par excellence; oil exports accounted for approximately 87% of total exports despite the sanctions.
▪️ Venezuela's total export revenues from goods and services reached $21.11 billion in 2024, of which $18.37 billion came from oil exports alone.
▪️ Venezuela's resources are not limited to oil and natural gas; it also possesses gold, iron, diamonds, and many other precious minerals.
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