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The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy. The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only 2,300,000 barrels (370,000 m 3) daily, down from 3.5 million in 1998.
Simón Bolívar Hydroelectric Plant, on the Guri Dam. The main power plant of the hydroelectric system is the Simón Bolívar Hydroelectric Plant, with a generation capacity of 10,000 MW, but which generated only 5,000 MWh after being affected by the drought, [22] [23] and by the beginning of February 2010, the level of the dam had dropped nine meters below its optimum level. [24]
This article needs to be updated. Please help update this article to reflect recent events or newly available information. (April 2023) Economy of Venezuela Plaza Venezuela in Caracas Currency Bolívar Digital (VES) Fiscal year Calendar year Trade organizations WTO, OPEC, Unasur, ALBA Statistics Population 28,301,696 (2022) GDP $102.328 billion (nominal, 2024 est.) $224.526 billion (PPP, 2024 ...
A private equity group expects a contrarian bet it made this year on Venezuela's oil and gas sector to pay off soon, with the socialist government making reforms to attract capital to the OPEC ...
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In 2021, Venezuela held South America's fourth-largest coal reserves, totaling 806 million short tons. The main coalfields are in Zulia State, near the Colombian border. Coal plays a minor role in Venezuela's energy mix, contributing 0.2% to total energy production and 0.1% to consumption. The coal industry faces challenges such as outdated ...
Despite the regional trend towards solar and wind energy since 2015, Venezuela's efforts to establish wind energy, with a projected 50 MW capacity, failed to result in operational facilities. [6] In 2015, Venezuela produced 75 TWh of hydropower, which accounts 1.9% of world's total, [7] a small increase over the production of 2004 of 70 TWh . [8]
A light map of Venezuela on the night of 7 March 2019 and the night of 8 March 2019. [a]Nationwide recurring electrical blackouts in Venezuela began in March 2019. Experts and state-run Corpoelec (Corporación Eléctrica Nacional) sources attribute the electricity shortages to lack of maintenance and to a lack of technical expertise in the country resulting from a brain drain.