How much oil did Venezuela produce?

Venezuela’s Independence Day

Population (million inhabitants)	32.25
Current account balance (million $)	1,439
Proven crude oil reserves (million barrels)	303,806
Proven natural gas reserves (billion cu. m.)	5,674
Crude oil production (1,000 b/d)	1,012.6

Why did the oil industry fail in Venezuela 2014?

The government had ignored serious social problems, including education, health, infrastructure, agriculture, and domestic industries, causing Venezuela to fall well behind other industrialized countries.

Why did oil production increased in 2010?

While much of the increase in 2009 was associated with deepwater developments in the Federal Gulf of Mexico, the increase in 2010 was led by escalating horizontal drilling programs in U.S. shale plays, notably the North Dakota section of the Bakken formation.

Why can’t Venezuela sell oil?

Venezuela has greater oil stores than any other country. But after years of corruption, mismanagement and more recently U.S. sanctions, its oil output has dropped to a tenth of what it was two decades ago. The country is on course, by the end of this year, to be pumping little more oil than the state of Wyoming.

How much oil did 2010 produce?

Average annual production, which dipped below 5.0 million bbl/d in 2008, climbed to 5.4 million bbl/d in 2009 and 5.5 million bbl/d in 2010, with 2010 volumes representing an 11% increase over 2008. In October 2011, preliminary data showed that U.S. crude oil production averaged 5.8 million bbl/d.

Why is oil production so low in Venezuela?

Widespread power outages, mismanagement of the country’s oil industry, and U.S. sanctions directed at Venezuela’s energy sector and PdVSA have all contributed to the recent declines. Venezuela’s oil production has decreased significantly over the last three years.

How much oil does Venezuela export to US?

EIA estimates that U.S. crude oil imports from Venezuela in 2018 averaged 505,000 b/d and were the lowest since 1989. EIA expects Venezuela’s crude oil production to continue decreasing in 2019, and declines may accelerate as sanctions-related deadlines pass.

Where are the oil refineries in Venezuela located?

A man stands near a state-owned refinery in Punto Fijo, Venezuela. Venezuela’s descent into economic and political chaos in recent years is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.

How many oil rigs are there in Venezuela?

The number of active oil rigs—an indicator of future oil production—also fell from nearly 70 rigs in the first quarter of 2016 to 24 rigs in the first quarter of 2019. The declines in Venezuelan crude oil production will have limited effects on the United States, as U.S. imports of Venezuelan crude oil have decreased over the last several years.

How much oil did Venezuela produce? Venezuela’s Independence Day Population (million inhabitants) 32.25 Current account balance (million $) 1,439 Proven crude oil reserves (million barrels) 303,806 Proven natural gas reserves (billion cu. m.) 5,674 Crude oil production (1,000 b/d) 1,012.6 Why did the oil industry fail in Venezuela 2014? The government had ignored serious social…