Oil production by country4/2/2023 ![]() Venezuela demanded changes to the agreements made by the international oil companies that would give PDVSA majority control of the projects. The government already siphoned a substantial amount of money from the oil industry to pay for social programs, but it wasn’t enough. The Venezuelan government, led by the late Hugo Chávez, sought a larger share of the revenue as investments made by international oil companies began to pay off. From an annual average of $26 a barrel in 2002, by 2007 global prices had reached $80/bbl. Most recently, the Trump Administration placed Venezuela’s oil sector under sanction in 2019.īut the steep decline, which preceded the Trump sanctions, was largely a result of Venezuela’s own policies.ĭuring the first decade of this century, oil prices skyrocketed. have placed various sanctions on Venezuela over the years. One reason for the decline of Venezuela’s oil industry is that many countries - including the U.S. How is it that a country with so much oil produces so little? And why has the country seen its oil production plummet by more than 75% over the past decade? Venezuela’s heavy crude oil is especially prized by U.S. Venezuela was way down the list, at #25 with 605,000 BPD. at 11.1 million barrels per day (BPD), Russia at 10.5 million BPD, and Saudi Arabia at 9.4 million BPD. proved reserves of 69 billion barrels.īut the Top 3 oil producers in 2021 were the U.S. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. ![]()
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