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Venezuela is the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel, aluminum, and cement. Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs.
The third largest producer of coal in Latin America, after Colombia and Brazil, Venezuela produced 5.8 million short tons (1 short ton=2,000 pounds) in 2002, as compared with 9.3 million short tons in 2000, and exported most of it to other countries in the region, the eastern United States, and Europe. [1]
In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m 3 /d) and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). [5]
In 2022, Saudi Arabia also had the largest oil export value in US dollar terms by far. Many of these countries also import oil, and some import more oil than they export, this is known as an oil export deficit. In contrast, when a country exports more oil than it imports, it is known as an oil export surplus.
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 barrels in total. In 2008, it had net oil exports of 1.189 Mbbl/d (189,000 m 3 /d) to the United ...
Global benchmark Brent crude surged nearly $2 a barrel on Thursday, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its meeting this month.
Under a separate U.S. authorization still in effect, about one-fifth of Venezuela's oil exports sent by Chevron to the U.S. should continue flowing and rise to 200,000 bpd by year end.
Venezuela holds about 300 billion barrels of oil reserves, the world's largest, but has been unable to hit its production targets due to underinvestment, poor maintenance, lack of supplies and U.S ...