Venezuela's Oil Export Statistics

Venezuela used to be a leader in the oil export sector, but internal and external causes have contributed to the country's decline. In 2023, $4.04 billion came from oil exports from Venezuela. For $64.37 per barrel, Venezuela exported a daily average of 550,000 barrels of oil in 2023, with 248,000 of those barrels traveling primarily to Asia (apart from China). About 28,000 barrels per day were sent to Latin America, making up 45% of the country's oil exports in 2023. Following the application of restrictions by the US government in 2018, the United States, which was once a significant market for Venezuelan oil exports, suffered a substantial fall in sales. Due to a combination of poor governance and US sanctions driven by political upheaval, Venezuela's oil exports have been falling annually since 2015. Crude oil and processed petroleum products made up less than 12% of Venezuela's total export value in 2022, down from nearly 96% in 2013.

The four-digit HS code for oil is 2709. This article will explore the statistics on Venezuela's oil exports, looking at important data and trends affecting the sector.

Important Information about Venezuela's Oil Exports

Venezuela supplies crude oil to over 206 countries across the globe.

• In 2023, Venezuela's oil exports brought in a total of $4.04 billion.

• In 2023, Venezuela produced a total of 550.2 thousand barrels of oil a day, or 200.57 million barrels or 27.36 million tons of oil.

• Based on the most recent data available, Venezuela exported 370 containers of oil between March 2023 and February 2024 (TTM).

• 44 Venezuelan oil exporters sent their product to 113 purchasers, a 26% rise in shipments over the preceding 12 months.

• In February 2024 alone, 26 containers of oil were exported by Venezuela during this period. From February 2023, this represents a 73% year-over-year increase, and from January 2024, it represents an 18% annual growth.

• Venezuela exports the majority of its crude oil to China, Turkey, Spain, Colombia, Brazil, and India.

Top Partners in Venezuela's oil exports

The following are the nations and continents where Venezuela export its oil in 2023:

• China: In 2023, 16.3% of Venezuela's oil exports came from China, making it the country's main trading partner.

• Turkey: In 2023, Turkey was Venezuela's second-largest oil export partner, accounting for 13.9% of total shipments.

• Spain: In 2023, Spain was Venezuela's third-largest oil export partner, accounting for 12% of total exports.

• Brazil: In 2023, Brazil was Venezuela's fourth-biggest oil export partner, accounting for 8.3% of total exports.

• Asia (not including China): The main market, absorbing an average of 248,000 barrels per day, or 45% of Venezuela's overall exports

• South America: about 28,000 barrels per day were received

• Europe: Purchased 4% of the oil exports from Venezuela

• Cuba: Acquired 8% of oil exports from Venezuela

Impact on Global Oil Prices

Venezuela's declining oil production has had a sizable effect on international oil prices. As certainly one of the biggest oil producers in the world, any disruptions to Venezuela's oil exports can affect global oil markets. The decline in Venezuela's oil exports has contributed to tighter global oil delivery and higher oil costs. The political and economic challenges facing Venezuela have made it difficult for the nation to hold its oil production stages. This, in turn, has positioned strain on international oil charges, especially in light of different geopolitical elements together with OPEC production cuts and US-Iran tensions.

Effect on Global Energy Security

Venezuela's oil exports have also had implications for international energy security. As a major oil manufacturer, Venezuela plays an essential role in presenting oil to worldwide markets. The decline in Venezuela's oil exports has raised concerns about the stableness of global oil supply and the capacity for supply disruptions. Countries that rely closely on Venezuelan oil have needed to seek opportunity sources of oil to fulfill their energy needs. This has brought about improved competition for oil from other oil-producing nations, doubtlessly increasing geopolitical tensions, and market volatility.

Future Outlook for Venezuela's Oil Exports

The future of Venezuela's oil exports remains uncertain, given the ongoing political and economic challenges facing the country. The outcome of the political crisis in Venezuela will have significant implications for the country's oil industry and its ability to export oil to international markets. Efforts to revive Venezuela's oil industry and increase oil production will be critical to stabilizing the country's economy and restoring its role as a major player in the global oil market.

Conclusion

To conclude, Venezuela's oil exports have performed a giant position in shaping the global economic system, however, challenges dealing with the nation's oil enterprise have brought about a decline in oil production and exports in recent years. The effect of Venezuela's oil exports on international oil fees, power protection, and geopolitical dynamics underscores the importance of addressing the underlying issues facing the nation's oil enterprise for the benefit of both Venezuela and the global economic system.