History of the Venezuelan oil industry
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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 previously one of the world's largest exporters of oil, but the oil industry saw a significant decline since its peak in 2012.
Parts of this article (those related to 2012–2016) need to be updated. (April 2016) |
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).[4]