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2014-06-25 18:15:00

VENEZUELA: THE NINTH

VENEZUELA: THE NINTH

Country Analysis Brief Overview

Venezuela contains some of the largest oil and natural gas proven reserves in the world. In 2013, Venezuela was the third-largest exporter of crude oil to the United States. It consistently ranks as one of the top suppliers of crude oil to the United States.

Venezuela was the world's 9th largest exporter and 12th largest producer of petroleum and other liquids in 2013.

At 2.49 million barrels per day (bbl/d) of petroleum and other liquids produced in 2013, Venezuela is the world's 12th largest producer and the 5th largest producer in the Americas.

Venezuela's Orinoco Belt may contain upwards of 513 billion barrels of crude oil. However, much of the resource is heavy and requires additional capital to bring it to market.

Venezuela was the fourth-largest supplier of imported crude oil and petroleum products to the United States in 2013. However, Venezuela's exports to the United States have been declining while U.S. exports of petroleum products to Venezuela have been increasing.

Venezuela maintained 2.8 million bbl/d of total global refining capacity in assets throughout the United States, the Caribbean, Europe, and domestically in Venezuela in 2013. In 2013, domestic natural gas production accounted for just over a third of the UK's natural gas supply.

Venezuela has the second-largest natural gas reserves in the Americas, behind the United States. Much of the natural gas is used to bolster production in its mature oil fields.

About 90% of Venezuela's natural gas is found associated with oil but the country is looking to locate and produce more natural gas from non associated fields.

Venezuela depends on hydroelectricity for the bulk of its electricity needs, accounting for 60% or more in the past decade.

eia.gov

Tags: VENEZUELA, OIL, GAS