As Venezuela’s oil production plunges toward 1 million barrels a day, the lowest level in seven decades, the country is running out of cash to pay for food and medicine.
Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012.. In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m 3 /d) and the country was also the eighth-largest net oil exporter in the world.
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Venezuela (/ ˌ v ɛ n ə ˈ z w ɛ l ə / ; American Spanish: [beneˈswela] ), officially the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many small islands and islets in the Caribbean Sea.
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The economy of Venezuela is a market-based mixed economy based largely on the petroleum and manufacturing sectors, and has been in a state of total economic collapse since the mid-2010s. In 2014, total trade amounted to 48.1% of the country's GDP.
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In Venezuela, we are out of gas. In Venezuela, there is no gas oil. In Venezuela, there are no lube oils,” said Iván Freites in a televised press conference. Freites is the secretary of the ...
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As Venezuela’s oil production plunges toward 1 million barrels a day, the lowest level in seven decades, the country is running out of cash to pay for food and medicine.
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Major products of Venezuela include food crops and livestock, equipment and machinery, transport and construction materials, medical instruments, chemicals, medicinal drugs, iron and steel commodities, crude oil and petroleum-derived products. As of 2015, Venezuela's oil
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Get PriceEconomically, Venezuela is highly dependent on its petroleum oil exports which reached almost 90% of the country’s total product shipments, bearing witness to Venezuela’s vulnerability to the global downswing in oil prices. Venezuela’s oil exports break down to 79.9% crude oil compared to 9.8% for refined petroleum oils.
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