Oil in Venezuela

Oil Production135million tonnes per year

Oil Recoverable Reserves47billion tonnes

Venezuela is perhaps the most vulnerable to the oil price slump, which is threatening its financial and social wellbeing and leaving it precious little cash to fund crucial capacity expansions. Oil output capacity in Latin America’s biggest producer, now estimated at around 2.6 mb/d, is expected to fall in the early part of the forecast period before recovering by 2020. State oil company PDVSA will reportedly make cuts in its 2015 spending.

Note

Oil data represents Crude Oil only, for extra-heavy oil and oil shale please refer to the WER 2013 report oil chapter.