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Country Analysis Brief: Venezuela
Published by U.S. Energy Information Administration on February 8, 2024.
EIA's country brief, last updated February 8, 2024: 303 billion barrels of proved reserves in 2023, most of it extra-heavy Orinoco crude.
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… Note: An international dollar would buy the same amount of goods and services in the cited country that a U.S. dollar would buy in the United States. This term is frequently used with data on purchasing power parity. Petroleum and Other Liquids • Venezuela had the world's largest proven crude oil reserves in 2023 with approximately 303 billion barrels (Figure 5), accounting for approximately 17% of global reserves (Figure 6). Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt. The extraction of extra-heavy crude oil requires a higher level of technical expertise, which international oil companies possess but their involvement has been …
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- The White House says 100-year rights to 17 Venezuelan oil fields. Caracas says 25 years, renewable. · cited for the 303 billion barrel denominator and the extra-heavy crude line
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