History of the Venezuelan oil industry

Venezuela's historic inflation rate beside annual oil revenues.[1] [2][3]
Real and nominal price of oil from 1861 to 2015.

Venezuela has the world's largest proven oil reserves at an estimated 304 billion barrels (18% of global reserves) as of 2020. The country was once one of the world's largest exporters of oil. Oil production peaked in the late 1990s and early 2000s.[4]

In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m3/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]

  1. ^ BCV
  2. ^ International Monetary Fund: Data & Statistics (1980-2008, 2015)
  3. ^ CIA: The World Factbook (2009–2014)
  4. ^ "Venezuela: The Rise and Fall of a Petrostate | Council on Foreign Relations". www.cfr.org. Retrieved 28 June 2024.
  5. ^ US Energy Information Administration, "Country Energy Profiles: Venezuela", US Energy Information Administration, [1][permanent dead link‍]).