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As of 2006, Venezuela was one of the largest suppliers of oil to the United States, sending about 1.4 million barrels per day (220 × 10 ^ 3 m 3 /d) to the U.S. [3]. In October 2007, the Venezuelan government said its proven oil reserves was 100 billion barrels (16 × 10 ^ 9 m 3).
In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to be economically viable. Similarly, Venezuela's proven reserves jumped in the late 2000s when the heavy oil of the Orinoco Belt was judged economic.
In 2023, Venezuela held the world's largest proven oil reserves at 303 billion barrels, accounting for 17% of global reserves, mostly extra-heavy crude from the Orinoco Belt. Despite this, production was only 0.8% of the global total, dropping to 742,000 barrels per day, a 70% decline from 2013.
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]
As of 2003, Venezuela had 77.5 billion barrels (1.232 × 10 10 m 3) of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil.
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Of this amount 52 billion barrels (8.3 × 10 9 m 3) were heavy or extra heavy oil, including 37 billion reserves of extra heavy in the Orinoco Belt (1 in Machete, 15 in Zuata, 6 in Hamaca and 15 in Cerro Negro). This indicates that Venezuela's reserves, according to PDVSA, in 2001 were 39 billion barrels (6.2 × 10 9 m 3) excluding the Orinoco ...
Venezuela reactivated its claim over the 160,000 square km (61,776 square mile) territory in recent years, after the discovery of offshore oil and gas. The maritime border between the two ...