Using vague estimates of "undiscovered fields" isn't really a good indicator of oil reserves. However, its refining industry, which converts oil into usable energy materials, has fallen into disarray. In 2018, we consumed more oil than any prior year in history… After a major economic slowdown in the period of 2009 to 2010, the country recovered with an increase in the GDP growth rate by 4.2% in 2011. In March, Venezuela’s total exports of crude oil and fuel plunged by 26 percent month on month to just below 800,000 bpd—the second-lowest crude … In Cabimas, a town on the shores of Lake Maracaibo that was once a center of production for the region’s prolific oil fields, crude seeping from abandoned underwater wells and pipelines coats the crabs that former oil workers haul from the lake with blackened hands. Venezuela has the world’s largest oil reserves, but the industry has crumbled under the weight of corruption and mismanagement. That's because 50% of the world's oil reserves are heavy, an estimated 8 trillion barrels of known reserves, a good fraction located in Canada and Venezuela. Adriana Loureiro Fernandez for The New York Times. The total amount of natural gas marketed in the country that year was 21,878 million m 3. "[12], In addition to conventional oil, Venezuela has oil sands deposits similar in size to those of Canada, and approximately equal to the world's reserves of conventional oil. Still, proven U.S. oil reserves are but a fraction of the reserves of the global petroleum leaders such as Venezuela, Saudi Arabia and Canada. Hugo Chavez came to power in Venezuela in 1998 and, because Venezuela is a petrostate with the largest oil reserves in the world, his socialist government was able to … In 2008, it had net oil exports of 1.189 Mbbl/d (189,000 m3/d) to the United States. Estimates of the recoverable reserves of the Orinoco Belt range from 100 billion barrels (16×10^9 m3) to 270 billion barrels (43×10^9 m3). That's because 50% of the world's oil reserves are heavy, an estimated 8 trillion barrels of known reserves, a good fraction located in Canada and Venezuela. A gas flare lights the streets of Cabimas during a power outage. [17] The USGS did not make any attempt to determine how much oil in the Orinoco Belt is economically recoverable. The good news for Venezuela is that it sits on 300 billion barrels of oil, as well as underground reserves of gold, iron ore and other resources. The Venezuela's most important petroleum basins Are the basin of the Gulf of Venezuela, the Lake Maracaibo basin, the Falcon basin, the Barinas-Apure basin, the Cariaco basin, the eastern basin and the Orinoco oil belt.. An oil basin is an area or extension of land that at some point in the past was found submerged or under sea or river levels. Venezuela has some of the largest oil reserves in the world and is a member of OPEC. Venezuela has larger oil reserves than Saudi Arabia. Gold Reserves in Venezuela averaged 313.65 Tonnes from 2000 until 2020, reaching an all time high of 372.93 Tonnes in the third quarter of 2011 and a record low of 150 Tonnes in the second quarter of 2018. A New York Times article noted that, in October 2020, "for the first time in a century, there are no rigs searching for oil in Venezuela. At a gas station, the line for gasoline stretched toward the horizon. Tibisay Romero contributed reporting from Tucacas, Venezuela, and María Ramírez from Puerto Ordaz, Venezuela. Venezuela has the world’s largest proven oil reserves, but production has plummeted because of corruption and mismanagement of the state-owned PDVSA oil company. U.S. Energy Information Administration 1000 Independence Ave., SW Washington, DC 20585. “There are no jobs, no gasoline, but the oil is spilling everywhere,” said Francisco Barrios, a baker. The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 300 billion barrels (4.8×10 m ) as of 1 January 2014. “These spills are the ultimate affront to the people,” said Luis Vargas, who used to sell seafood cocktails to tourists. The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 300 billion barrels (4.8 × 10 10 m 3) as of 1 January 2014. “Venezuela’s days as a petrostate are gone,” said Risa Grais-Targow, an analyst at Eurasia Group, a political risk consultancy. Soon, Venezuela’s oil partners, bankers and customers broke ties, and output plunged at a pace that has outstripped Iraq’s downturn during both Gulf Wars and Iran’s after its Islamic Revolution. Three people died last month when a scuffle over a leaking gasoline pipeline led to an explosion. Venezuela’s oil reserves, the world’s largest, transformed the country and the global energy market. The costs of this economic contraction have been borne by the Venezuelan people, she said. A map of world oil reserves according to OPEC, January 2014. Venezuela tops the list with 300.9 billion barrels of oil in reserve – but even this vast wealth in natural resources has not been enough to save the country from its recent economic and humanitarian crisis. The speed of the drop in reserves “implies there may be a serious cash crunch in Venezuela,” Fu said by e-mail. • In January 2020, Venezuela had 303 billion barrels of proved oil reserves, the largest in the world.1 Exploration and production • Venezuela’s crude oil production has declined rapidly to historically low levels. Children playing on abandoned fishing docks soaked in crude oil in Cabimas, Venezuela, in September.Credit... By Sheyla Urdaneta, Anatoly Kurmanaev and Isayen Herrera, Photographs by Adriana Loureiro Fernandez. Even in those heady days, Venezuela’s prominent oil minister, Juan Pablo Pérez Alfonzo, warned there were pitfalls to sudden oil wealth: It could lead to excessive debt and the destruction of traditional industries. Maduro was Chávez’ vice president, and after his death in 2013, he took office. Venezuela's crude oil is very heavy by international standards, and as a result much of it must be processed by specialized domestic and international refineries. The country’s Caribbean coast, a great source of national pride with its turquoise water and white-sand beaches, has been damaged by at least four large oil spills this year — an unprecedented number, according to Venezuelan biologists. The energy and oil ministry said it had certified an additional 12.4 billion barrels (2.0×10^9 m3) of proven reserves in the country's Faja del Orinoco region. 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