Venezuela Oil And Gas News
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Introduction

  • Venezuela is one of the world's largest exporters of crude oil and the largest in the Western Hemisphere. The oil sector is of central importance to the Venezuelan economy. As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market.
  • According to Oil and Gas Journal (OGJ), Venezuela had 211 billion barrels of proven oil reserves in 2011, the second largest the world. This number constitutes a major upward revision – last year the same publication listed the country's reserves at 99.4 billion barrels. The update results from the inclusion of massive reserves of extra-heavy oil in Venezuela's Orinoco belt. Venezuela is a significant supplier of crude oil to the world market: in 2009 the country had net oil exports of 1.75 million barrels per day (bbl/d), eleventh-largest in the world and the largest in the Western Hemisphere.

News

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