•                                        
  •                                        
  •                                        
  •                                        
                                               
                                               
                                               
                                               
  •                                        
  •                                        
  •                                        
  •                                        
                                               
                                               
                                               
                                               
  •                                        
  •                                        
  •                                        
  •                                        
                                               
                                               
                                               
                                               
  •                                        
  •                                        
  •                                        
  •                                        
                                               
                                               
                                               
                                               
  •                                        
  •                                        
  •                                        
  •                                        
  • 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.
  • Does Venezuela have oil refining?
  • A paid subscription is required for full access. Venezuela's oil refining capacity has remained stable in the past decade, at 1.3 million barrels per day. Since 1990, the country's capacity increased by approximately 10 percent. Presently Amuay, a part of the Paraguaná Refinery Complex, was the largest refining unit in Venezuela, based on capacity.
  • How much oil does Venezuela produce a year?
  • As of August 2020, Venezuela’s crude oil production (excluding condensates) was 360,000 b/d, the lowest level since EIA started recording production in 1973 (Figure 2).
  • Is Venezuela's crude oil production on a downtrend?
  • Venezuelan crude oil production has been on a downtrend for years. This is true across all crude grades, but from a composition standpoint, the heavies and extra heavies now make up over 71% of total Venezuelan crudes compared to sub 60% in 2013. In other words, the type of barrel produced is heavier than in the past.
  • Will Chevron increase production in Venezuela in 2023?
  • 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. According to IPD Latin America, ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term.
  • What is the largest refining unit in Venezuela?
  • Since 1990, the country's capacity increased by approximately 10 percent. Presently Amuay, a part of the Paraguaná Refinery Complex, was the largest refining unit in Venezuela, based on capacity. Get notified via email when this statistic is updated.