How Much Is Venezuela’s Oil?

Venezuela sits on the largest proven oil reserves in the world. By volume alone, its oil wealth dwarfs that of the United States and rivals the combined reserves of several major producers.

Yet despite this geological advantage, Venezuela earns only a fraction of what other oil rich nations generate from exports. The contradiction has become even more visible amid renewed US military pressure, sanctions, and geopolitical tension.

Understanding how much Venezuela’s oil is worth requires separating reserves from reality. Oil in the ground does not automatically translate into revenue, influence, or economic stability.

Key Takeaways

• Venezuela holds the world’s largest proven oil reserves
• Its reserves are more than five times larger than those of the US
• Oil export revenues remain extremely low compared to peers
• Heavy crude, sanctions, and mismanagement limit earnings
• Venezuela’s oil wealth is structural, not immediately monetizable

How Much Oil Does Venezuela Have

Venezuela’s proven oil reserves are estimated at roughly 303 billion barrels as of 2023. This places the country at the top of global rankings.

By comparison:

• Saudi Arabia holds about 267 billion barrels
• Iran holds roughly 209 billion barrels
• Canada holds around 164 billion barrels
• The United States holds about 55 billion barrels

In aggregate terms, Venezuela alone accounts for close to 20% of global proven oil reserves, out of a worldwide total of approximately 1.73 trillion barrels.

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Where Venezuela’s Oil Is Located

Most of Venezuela’s oil is concentrated in the Orinoco Belt, a vast region in the eastern part of the country covering more than 55,000 square kilometres.

This region contains extra heavy crude.

• Highly viscous and dense
• High sulphur content
• Requires advanced extraction techniques
• Sells at a discount to lighter crude

Because of these characteristics, Orinoco oil is far more expensive to produce and refine than conventional crude.

Why Venezuela’s Oil Is Hard to Monetize

Extra Heavy Crude Economics

Unlike light crude from the Middle East or the US, Venezuelan oil often requires:

• Steam injection to extract
• Blending with lighter oil to transport
• Specialized refining infrastructure

These requirements increase costs and reduce net margins, even when oil prices are high.

Infrastructure Decay and Underinvestment

Venezuela’s oil industry is dominated by PDVSA, the state owned oil firm.

Over decades, PDVSA has suffered from:

• Ageing infrastructure
• Chronic underinvestment
• Operational mismanagement
• Loss of technical talent

As a result, production capacity has steadily declined.

Sanctions and Trade Restrictions

US sanctions imposed in 2017 and tightened in 2019 severely restricted Venezuela’s ability to export oil and access global finance.

Key impacts include:

• Loss of the US as a major buyer
• Difficulty insuring and shipping crude
• Limited access to spare parts and technology

These sanctions remain one of the largest constraints on Venezuela’s oil revenues.

How Much Oil Does Venezuela Export Today

Despite holding massive reserves, Venezuela exported only about $4.05 billion worth of crude oil in 2023.

For comparison:

• Saudi Arabia exported around $181 billion
• The United States exported about $125 billion
• Russia exported roughly $122 billion

Even accounting for lower prices and discounts, Venezuela’s export earnings are dramatically out of line with its resource base.

By late 2025, exports had risen to roughly 900,000 barrels per day, a nine month high, but still far below historical levels.

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Venezuela’s Oil Exports Over Time

Venezuela was once one of the United States’ largest oil suppliers, exporting between 1.5 and 2 million barrels per day in the late 1990s and early 2000s.

The decline began after Hugo Chávez took office in 1998.

Key changes included:

• Nationalization of oil assets
• Political restructuring of PDVSA
• Reduced foreign investment
• Increased domestic subsidies

The situation worsened under Nicolás Maduro, as sanctions and economic collapse accelerated production losses.

Why Cheap Gasoline Does Not Mean High Revenue

Venezuela has some of the cheapest gasoline prices in the world due to heavy subsidies.

As of September 2025:

• Gasoline cost roughly $0.04 per litre
• Global average was about $1.29 per litre

While politically popular, subsidies drain state revenue and discourage reinvestment in the oil sector.

The Role of the United States and Chevron

In late 2022, the US Treasury granted Chevron a limited license to resume oil production and exports from Venezuela.

The license:

• Allowed limited production
• Restricted revenue flow to the Venezuelan state
• Aimed to stabilize global oil supply

Under the renewed Trump administration in 2025, additional tariffs were imposed on countries importing Venezuelan oil, further limiting export growth.

How Much Is Venezuela’s Oil Worth in Theory

At current long term oil prices, Venezuela’s 303 billion barrels could theoretically be worth tens of trillions of dollars.

However, this valuation assumes:

• Full production capacity
• Modern infrastructure
• Open access to global markets
• Stable political conditions

None of these conditions currently exist.

In practice, Venezuela’s oil wealth is locked in the ground by structural, political, and economic constraints.

Why Venezuela’s Oil Still Matters Geopolitically

Even if Venezuela cannot fully monetize its reserves today, the sheer scale of its oil endowment gives it long term strategic importance.

This explains:

• Persistent US interest in Venezuela
• China’s continued oil imports despite sanctions
• Geopolitical tension surrounding control and access

Oil reserves shape power dynamics even when production is constrained.

Final Thoughts

Venezuela’s oil is immense in scale but limited in impact. The country holds the world’s largest proven reserves, yet earns less from exports than many far smaller producers.

Heavy crude economics, decayed infrastructure, sanctions, and political instability have turned Venezuela’s oil into stranded wealth.

Until those structural barriers change, Venezuela’s oil will remain a geopolitical asset more than an economic engine.

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FAQs

How much oil does Venezuela have

Venezuela holds about 303 billion barrels of proven oil reserves, the largest in the world.

Why does Venezuela earn so little from oil exports

Extra heavy crude, sanctions, infrastructure decay, and mismanagement severely limit production and revenue.

Is Venezuela richer in oil than the United States

Yes. Venezuela’s oil reserves are more than five times larger than those of the US.

Can Venezuela increase oil exports quickly

No. Scaling production requires major investment, infrastructure repair, and sanctions relief.

Why is Venezuela’s oil still important globally

Its vast reserves give it long term strategic and geopolitical importance despite low current output.