In February 2025, the price of Merey crude oil – Venezuela’s reference export blend – averaged 64.96 U.S. dollars per barrel, down from 66.86 U.S. dollars per barrel the previous month. Merey crude oil has been part of the OPEC basket since January 2009. A blend of extra-heavy crude oil from the Orinoco belt and lighter grades, Venezuela’s export oil is the heaviest component in the basket, and, in turn, has historically reported the lowest average price in the OPEC basket. The 2020's oil crisis Crude oil prices worldwide dropped dramatically in the first months of 2020, the result of an unprecedented decline in demand as lockdown measures were implemented globally in an attempt to limit the spread of the coronavirus pandemic. With storage facilities filling up, WTI crude oil reached a record negative price in the third week of April. Since then, prices have seen a mostly continual recovery. Following Russia's invasion of Ukraine at the end of February 2022, prices surged to levels last seen in 2008, with reference oil blends Brent, WTI, and OPEC basket averaging at more than 100 U.S. dollars per barrel in summer 2022. Venezuela’s struggling oil sector The global decline in prices brought upon by the pandemic was only the most recent blow to the South American country's oil industry. Despite holding the largest proved oil reserves in the world, Venezuela’s oil production has declined notably. In 2023, it averaged around 850,000 barrels per day, a third of the level registered a decade earlier. A political and economic crisis as well as resulting U.S. sanctions have led to a rise in oil stocks in the country, affecting both prices and production.

In 2023, the price of Merey crude oil – Venezuela’s reference blend – averaged 64.37 U.S. dollars per barrel. The highest annual average was recorded in 2012, at more than 100 dollars per barrel. A part of the OPEC Reference Basket since January 2009, Venezuela’s export oil is the basket's heaviest component, and in turn has historically reported the lowest average price.

Crude Oil Price in Venezuela - 2022. Find the latest marketing data on the IndexBox platform.

The retail price of regular gasoline in Venezuela has remained consistently low over the past two decades, never surpassing 0.1 U.S. dollars per liter. Meanwhile, the price of premium gasoline spiked in recent years, reaching some 0.5 U.S. dollars per liter in 2021 and 2022. This was the highest price for premium gasoline reported since 2016 and 2017, when Venezuela's president Nicolas Maduro raised gasoline retail prices in an effort to shore up the nation's finances. Nevertheless, Venezuela has some of the world's lowest gasoline prices thanks to its large domestic oil production.

Venezuela VE: Oil Rents: % of GDP data was reported at 9.370 % in 2014. This records a decrease from the previous number of 14.245 % for 2013. Venezuela VE: Oil Rents: % of GDP data is updated yearly, averaging 13.568 % from Dec 1970 (Median) to 2014, with 45 observations. The data reached an all-time high of 26.957 % in 1980 and a record low of 0.003 % in 1970. Venezuela VE: Oil Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Venezuela – Table VE.World Bank: Land Use, Protected Areas and National Wealth. Oil rents are the difference between the value of crude oil production at regional prices and total costs of production.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

United States Crude Oil Price: EIA: Landed Cost of Imports: Venezuela data was reported at 63.500 USD/Barrel in Aug 2018. This records a decrease from the previous number of 63.510 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: Landed Cost of Imports: Venezuela data is updated monthly, averaging 23.120 USD/Barrel from Oct 1973 (Median) to Aug 2018, with 539 observations. The data reached an all-time high of 124.910 USD/Barrel in Jul 2008 and a record low of 4.800 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: Landed Cost of Imports: Venezuela data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

In 2023, imports of virgin olive oil into Venezuela skyrocketed to 1.3K tons, jumping by 39% against 2022.

The retail price of diesel fuel in Venezuela has been on a downward trend for most of the past two decades. After 2020, however, diesel prices in the South American country started rising and in 2022 one liter of diesel fuel was sold at 0.02 U.S. dollars. Nevertheless, Venezuela has some of the world's lowest diesel prices thanks to its large domestic oil production.

In 2023, after two years of decline, there was significant growth in overseas purchases of crude palm oil, when their volume increased by 34% to 6.7K tons.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

Venezuela Oil: Export Basket Price data was reported at 35.150 USD/Barrel in 2016. This records a decrease from the previous number of 44.650 USD/Barrel for 2015. Venezuela Oil: Export Basket Price data is updated yearly, averaging 44.650 USD/Barrel from Dec 1996 (Median) to 2016, with 21 observations. The data reached an all-time high of 103.420 USD/Barrel in 2012 and a record low of 9.370 USD/Barrel in 1998. Venezuela Oil: Export Basket Price data remains active status in CEIC and is reported by Petroleos de Venezuela S.A.. The data is categorized under Global Database’s Venezuela – Table VE.RB011: Energy Overview: Price and Production Cost.

The report covers Oil and Gas Companies in Venezuela and the market is segmented by Upstream, Midstream, and Downstream. The report offers the market size and demand forecasts for the Venezuela Oil and Gas Market in USD billion for all the above segments.

United States Crude Oil Price: EIA: FOB Cost of Imports: Venezuela data was reported at 63.320 USD/Barrel in Aug 2018. This records an increase from the previous number of 63.090 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: FOB Cost of Imports: Venezuela data is updated monthly, averaging 21.570 USD/Barrel from Oct 1973 (Median) to Aug 2018, with 538 observations. The data reached an all-time high of 123.180 USD/Barrel in Jul 2008 and a record low of 4.180 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: FOB Cost of Imports: Venezuela data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

For the fourth consecutive year, Venezuela recorded growth in overseas shipments of refined maize (corn) oil, which increased by 4.7% to 14 tons in 2023.

China Import Price: Crude Oil: Latin America: Venezuela data was reported at 428.276 USD/Ton in Dec 2024. This records a decrease from the previous number of 497.771 USD/Ton for May 2024. China Import Price: Crude Oil: Latin America: Venezuela data is updated monthly, averaging 455.823 USD/Ton from Jan 2008 (Median) to Dec 2024, with 142 observations. The data reached an all-time high of 757.619 USD/Ton in May 2012 and a record low of 153.888 USD/Ton in Mar 2016. China Import Price: Crude Oil: Latin America: Venezuela data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.

Venezuela's oil production has plummeted in the past decade, dipping to around 85 thousand barrels per day in 2023. This represents around than one fourth of the country's production in 2010. Venezuela is amongst the countries with the largest oil reserves worldwide.

In 2023, the amount of crude rape, colza or mustard oil imported into Venezuela dropped to 168 tons, with a decrease of -7.9% against the year before.

In 2023, Asia (excl China) was the main region of destination for Venezuelan crude oil exports, with an average of 248 thousand barrels per day. This represented 45 percent of the South American country's oil exports that year. Meanwhile, exports to Latin America amounted to some 28 thousand barrels per day. The United States was once amongst the leading destinations for Venezuelan oil, but exports dropped drastically following sanctions imposed by the U.S. government in 2018.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 70.62 U.S. dollars per barrel in 2025, according to a February 2025 forecast. This would be a decrease of roughly six U.S. dollar compared to the previous year. In the first few weeks of 2025, weekly crude oil prices largely stayed below 75 U.S. dollars per barrel. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.

In 2023, approx. 35K tons of crude soybean oil were imported into Venezuela; reducing by -66.3% compared with the year before.