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]

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

[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]}).

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