Summary Table(Data shown is for 2016, the latest year with complete data in all categoreies)
Oil Reserves in Venezuela
See also: List of countries by Oil Reserves
Venezuela holds 299,953,000,000 barrels of proven oil reserves as of 2016, ranking 1st in the world and accounting for about
18.2% of the world's total oil reserves of 1,650,585,140,000 barrels.
Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption. This means that, without Net Exports, there would be about 1,374 years of oil left (at current consumption levels and excluding unproven reserves).
Global Rank: 1st
| Share of World: 18.17 %
1,374 years of oil left
(at current consumption levels)
History of Oil Reserves in Venezuela
Oil Consumption in Venezuela
See also: List of countries by Oil Consumption
- Venezuela consumes 598,000 barrels per day (B/d) of oil as of the year 2016.
- Venezuela ranks 31st in the world for oil consumption, accounting for about 0.6% of the world's total consumption of 97,103,871 barrels per day.
- Venezuela consumes 0.84 gallons of oil per capita every day (based on the 2016 population of 29,851,255 people), or 307 gallons per capita per year (7 barrels). [1 barrel = 42 US Gallons]
Oil Production in Venezuela
See also: List of countries by Oil Production
- Venezuela produces
2,355,423.55 barrels per day of oil (as of 2016) ranking 12th in the world.
- Venezuela produces every year an amount equivalent to 0.3% of its total proven reserves (as of 2016).
- Venezuela exports 73% of its oil production (1,725,049 barrels per day in 2016).
History of Oil Consumption and Production