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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.
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]
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 ...
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 ...
A map of world oil reserves according to OPEC, 2013 Oil production in Venezuela (red) fell markedly between 2015 and 2020. Venezuela has the world's largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017. [151] The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy.
In 2006, the United States remained Venezuela's most important trading partner for both oil exports and general imports – bilateral trade expanded 36% during that year [33] As of 2007, the U.S. imported more than $40 billion in oil from Venezuela and the trade between the countries topped $50 billion despite the tumultuous relationship ...
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 ...
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]