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Country Analysis Brief: Venezuela

October 4, 2012

Country Analysis Brief: Venezuela
Source: Energy Information Administration

Venezuela is one of the world’s largest exporters of crude oil and the largest in the Western Hemisphere. The oil sector is of central importance to the Venezuelan economy. As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market.

In 2010, Venezuela consumed 3.2 quadrillion British thermal units (BTUs) of total energy. Oil represents the bulk of total energy consumption in Venezuela. Hydroelectricity and natural gas each account for over 20 percent, while coal accounts for the remainder of energy use. Over the last decade the share of oil consumption in the country’s total energy mix has risen from 36 percent to 47 percent, largely because the Venezuelan government subsidizes liquid fuels.

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Categories: energy, Energy Information Administration, Venezuela
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