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Venezuela oil industry is in turmoil. Venezuela's oil rigs, which had been producing nearly 3 million barrels of crude oil a day in 2014, produce now less than a million barrels a day. In addition to the economic collapse of Venezuela, U.S. sanctions against the country made it almost impossible to route bank payments to Venezuela.
Venezuela has experienced a marked deficit in the generation of electrical energy.The immediate cause of the energy crisis was a prolonged drought that caused the water in the reservoir of the Simón Bolívar Hydroelectric Plant to reach very low levels. [1]
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 The coal industry faces challenges such as outdated ...
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 ...
In Venezuela's economy, mired by hyperinflation and hemmed in by sanctions, the operation is not so straightforward. Venezuelan food delivery driver Pablo Toro has no stake in cryptocurrency or ...
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]
President Nicolas Maduro had already given most of Venezuela's 2.8 million state employees Fridays off to cut down on electricity consumption.
Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated US$14.3 trillion worth [28] of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports. [29]