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How much oil does Venezuela produce in 2023?

Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.

Will Chevron be able to produce crude oil in Venezuela?

Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.

Which oil refineries can take heavy oil from Venezuela?

Refineries on the U.S. Gulf Coast are well-suited to take the kind of heavy crude oil Venezuela produces. PdVSA¡¯s subsidiary in the United States, Citgo, has three refineries¡ªLemont, Lake Charles, and Corpus Christi¡ªwhich have a combined capacity of over 800,000 b/d and are designed to process heavy oil.

Why is Venezuela struggling with oil & natural gas development?

Furthermore, budgetary constraints at Venezuela's state oil company PDVSA and a lack of qualified technical personnel and foreign direct investment have all hampered Venezuela¡¯s oil and natural gas development. PDVSA is the largest source of revenue for the Venezuelan government.