Venezuela has the world's largest proven oil reserves at an estimated 304 billion barrels (18% of global reserves) as of 2020. The country was once one of the world's largest exporters of oil. Oil production peaked in the late 1990s and early 2000s. [4]

Venezuela's crude oil is very heavy by international standards, and as a result much of it must be processed by specialized domestic and international refineries. Venezuela's development of its oil reserves has been affected by political unrest.

1 day ago · Venezuela's oil exports rose 15% to some 867,000 barrels per day in January, driven by an increase in shipments by U.S. major Chevron Corp from its joint ventures with state firm PDVSA, and more ...

Jan 31, 2024 · Now, the White House threatens to once more sanction Venezuelan oil, unless Caracas meets its demands for political guarantees in upcoming elections. As this article is published, the...

Jan 19, 2025 · In 2022, the White House granted Venezuela a financial lifeline “to support the restoration of democracy” after President Nicolás Maduro promised to work toward an open presidential election, granting U.S. energy giant Chevron a permit to pump and export Venezuelan oil despite sanctions.

Jan 10, 2025 · Venezuela had everything to be a titan in the global oil industry. One of the founding members of the Organization of the Petroleum Exporting Countries (OPEC), the South American country holds...

Feb 21, 2023 · Venezuela’s heavy crude oil is especially prized by U.S. refiners. How is it that a country with so much oil produces so little? And why has the country seen its oil production plummet by...

Feb 25, 2019 · Where is Venezuela's oil now going? Currently sitting off the Venezuelan coast are tankers holding in the region of 10 million barrels of oil, according to Kpler, which tracks commodities.

Feb 8, 2024 · 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 …

Jul 22, 2023 · Venezuela’s oil industry, which helped transform the country’s fortunes, has been decimated by mismanagement and several years of U.S. sanctions imposed on the country’s authoritarian...