Venezuela: A Closer Look at the Oil Economy of Venezuela thumbnail Venezuela contains some of the largest oil and natural gas proven reserves in the world. In 2013, Venezuela was the third-largest exporter of crude oil to the United States. It consistently ranks as one of the top suppliers of crude oil to the United States. Venezuela was the world’s 9th largest exporter and 12th largest producer of petroleum and other liquids in 2013. At 2.49 million barrels per day (bbl/d) of petroleum and other liquids produced in 2013, Venezuela is the world’s 12th largest producer and the 5th largest producer in the Americas. Venezuela’s Orinoco Belt may contain upwards of 513 billion barrels of crude oil. However, much of the resource is heavy and requires additional capital to bring it to market. Venezuela was the fourth-largest supplier of imported crude oil and petroleum products to the United States […]