Venezuela

OPECSANCTIONED

South America

Production

968.4K bbl/d

Imports

24.1K bbl/d

Exports

170.3K bbl/d

Net Balance

146.2K bbl/d

Net exporter

Consumption by Product

2022 · thousand bpd

Petrol30.0%

Diesel20.0%

Kerosene4.0%

Jet Fuel6.0%

LPG20.0%

Fuel Oil10.0%

Other10.0%

Proven Oil Reserves

303.0B

barrels (proven)

~857 yrs

at current production

Abundant

050 yrs100+ yrs

Proven reserves = crude oil in the ground. Many countries import most of their refined fuel (petrol, diesel, jet fuel), so high reserves don't guarantee fuel supply security.

Production Trend

Price History

Refinery Capacity

Capacity

1.3K bbl/d

Throughput

400 bbl/d

Utilization

30.8%

Geopolitical Context

OPEC Member

Active Sanctions

OFACSince 2019

Sectoral sanctions

Sanctions on PDVSA (state oil company) and oil sector

Trade Restrictions

•U.S. sanctions on PDVSA
•Limited licenses issued for specific transactions

Holds world's largest proven reserves but production collapsed due to mismanagement and sanctions.

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