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On 15 April 1914, upon the completion of the Zumaque-I (now called MG-I) oil well, the first Venezuelan oilfield of importance, Mene Grande, was discovered by Caribbean Petroleum in the Maracaibo Basin. [6] This major discovery encouraged a massive wave of foreign oil companies to Venezuela in an attempt to gain a foothold in the burgeoning market.
In February 2008, Venezuelan proven oil reserves were 172 billion barrels (27 × 10 ^ 9 m 3). [5] By 2009, Venezuela reported 211.17 billion barrels (3.3573 × 10 10 m 3) of conventional oil reserves, the largest of any country in South America. [6] When 2015 ended, Venezuela's confirmed oil reserves were estimated to be around 300.9 billion ...
Shortly after this, the oil boom of the 1920s meant Venezuela became the wealthiest state in Latin America. [1] Investment and oil exports increased tremendously during the period from 1920 to 1935. The share of oil exports on total exports in Venezuela increased from 1.9% to 91.2% this period due to the commercialisation of Venezuelan oil. [7]
The respite — coming after Venezuela's economy contracted 80% from 2014 into 2021 — even prompted some Venezuelans to return from Colombia, Peru, Ecuador and other Latin American countries ...
The IEA expects world oil demand growth to accelerate next year, with consumption rising to 1.1 million barrels per day next year — but that's not enough to absorb the oversupply.
Venezuela has been producing oil for nearly a century and was an OPEC founder-member. In 2005, Venezuela produced 162 million tons of oil, which is 4.1% of world's total production. By the oil production Venezuela ranks seventh in the world. [4] Venezuela is the world's eight oil exporter and fifth largest net exporter. [4]
Venezuelans voted by a wide margin Sunday to approve the takeover of an oil-rich region in neighboring Guyana – the latest escalation in a long-running territorial dispute between the two ...
According to executives within the company as well as the Venezuelan government, the sanctions were mostly symbolic and had little effect (if any) on Venezuela's trade with the US since the company's sale of oil to the US and the operations of its US-based subsidiary Citgo were unaffected. [330]