Nationalization of oil industry of this country occurred among 1975 to 1976 and PdVSA as a governmental organization assumed the responsibility of oil and gas industries affairs. This company has the employees in the government sector and about one third of GNP belongs to this part. Recently and in the presidency period of Hugo Chavez, it is decided to reduce the expenses of this company. According to the PdVSA data, oil exportation rate of Venezuela has been 2.03 billion barrel per day in 2003, which is 68% of total exportation of Venezuela in this year. The United States is the biggest importer of crude oil from this country. The remaining oil exportation of Venezuela is to the Caribbean region countries. Canada, Mexico, Saudi Arabia and Venezuela were the four main oil exporters to the United States during recent years. 1.53 million barrel crude oil and oil by-products were exported to the United States. This amount indicates 11.8% of total oil importation to the United States. The rate and share of Venezuela oil exportation to the United States for a period from 1960 to 2004 have been indicated in the following graph.
Venezuela and other big oil companies have decided to establish a powerful oil organization in Latin America and the Caribbean region countries to develop its oil industry and control the prices of crude oil market. This country built a port in April 2004, to increase its capability of crude oil exportation to 230,000 barrels per day.
|
Subject |
Value |
Year |
|
crude oil (production)
|
3.081 million |
2007
|
|
crude oil (reserve)
|
75.27 billion barrel |
2006 |
|
natural gas; production
|
27.2 billion m3
|
2007
|
|
natural gas (reserves)
|
4.276 trillion m3
|
2006 |
|
crude oil and oil exports
|
2.1 million barrel per day
|
2004
|
|
oil exports value
|
$48.39 billion |
2006
|
|
natural gas (exports)
|
0 |
2004
|
|
non-oil exports value |
$16.82 billion
|
2006
|
