Venezuela Oil

Oil Reserves in Venezuela

See also: List of countries by Oil Reserves

Venezuela holds 299,953,000,000 barrels of proven oil reserves in the world as of 2016, ranking #1 in the world and accounting for about 18.17% of the world’s total oil reserves of 1,650,585,140,000.

Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption levels. This means that, without Net Exports, there would be about 1,374 years of oil left (at current consumption levels and excluding unproven reserves).

History of Oil Reserves in Venezuela

Oil Consumption in Venezuela

See also: List of countries by Oil Consumption

• Venezuela consumes 598,000 barrels per day (B/d) of oil as of the year 2016.

• Venezuela ranks #31 in the world for oil consumption, accounting for about 0.62% of the world’s total consumption of 97,103,871 barrels per day.

• Venezuela consumes 0.82 gallons of oil per capita every day (based on the 2016 population of 30,765,720 people), or 298 gallons per capita per year (7 barrels). [1 barrel = 42 US Gallons]

Oil Production in Venezuela

See also: List of countries by Oil Production

• Venezuela produces 2,355,424 barrels per day of oil (as of 2016) ranking #12 in the world.

• Venezuela produces every year an amount equivalent to 0.29% of its total proven reserves (as of 2016).

Oil Exports

• Venezuela exports 73% of its oil production (1,725,049 barrels per day in 2016).

History of Oil Consumption and Production