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.

Venezuela's main stock market index, the IBC, rose to 494717 points on July 22, 2025, gaining 5.28% from the previous session. Over the past month, the index has climbed 33.67% and is up 472.92% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from Venezuela. Venezuela Stock Market (IBVC) - values, historical data, forecasts and news - updated on July of 2025.

In June 2025, the price of Merey crude oil – Venezuela’s reference export blend – averaged ***** U.S. dollars per barrel, down from ***** 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 *** 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 ******* 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.

Venezuela Energy Balance: Secondary: Total Oil Products: Gas or Diesel Oil: Stock Change data was reported at 34.500 kl th in Jan 2025. This records a decrease from the previous number of 69.001 kl th for Dec 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Gas or Diesel Oil: Stock Change data is updated monthly, averaging 0.000 kl th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 915.291 kl th in May 2006 and a record low of -1,073.007 kl th in Apr 2006. Venezuela Energy Balance: Secondary: Total Oil Products: Gas or Diesel Oil: Stock Change data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. For automotive and other purposes; Stock changes: Closing stock level (end of month) minus opening stock level (start of month). A positive number corresponds to a stock build, a negative number corresponds to a stock draw.

Venezuela Energy Balance: Primary: Total Crude: Other: Stock Change data was reported at 0.000 kl th in Oct 2024. This stayed constant from the previous number of 0.000 kl th for Sep 2024. Venezuela Energy Balance: Primary: Total Crude: Other: Stock Change data is updated monthly, averaging 0.000 kl th from Jan 2009 (Median) to Oct 2024, with 190 observations. The data reached an all-time high of 162.644 kl th in Jan 2012 and a record low of -79.971 kl th in Sep 2012. Venezuela Energy Balance: Primary: Total Crude: Other: Stock Change data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Refinery feedstocks + additives/oxygenates + other hydrocarbons; Stock changes: Closing stock level (end of month) minus opening stock level (start of month). A positive number corresponds to a stock build, a negative number corresponds to a stock draw.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** 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 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Venezuela Energy Balance: Primary: Total Crude: Closing Stocks data was reported at 3,144.456 kl th in Jan 2025. This records a decrease from the previous number of 3,218.385 kl th for Dec 2024. Venezuela Energy Balance: Primary: Total Crude: Closing Stocks data is updated monthly, averaging 3,653.534 kl th from Jan 2009 (Median) to Jan 2025, with 193 observations. The data reached an all-time high of 6,688.130 kl th in Mar 2013 and a record low of 0.000 kl th in Oct 2022. Venezuela Energy Balance: Primary: Total Crude: Closing Stocks data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Total = Crude oil + NGL + Other; Closing stocks: Represents the primary stock level at the end of the month within national territories. This includes stocks held by importers, refiners, stock holding organisations and governments.

Venezuela Energy Balance: Secondary: Total Oil Products: Other: Closing Stocks data was reported at 1,534.825 Metric Ton th in Jan 2025. This records an increase from the previous number of 1,517.483 Metric Ton th for Dec 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Other: Closing Stocks data is updated monthly, averaging 1,556.504 Metric Ton th from Jan 2009 (Median) to Jan 2025, with 193 observations. The data reached an all-time high of 9,646.853 Metric Ton th in Dec 2016 and a record low of 0.000 Metric Ton th in Nov 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Other: Closing Stocks data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Refinery gas, ethane, petroleum coke, lubricants, white spirit & SPB, bitumen, paraffin waxes and other oil products Demand for Total products includes direct use of Crude oil, NGL and Other. Demand for Total oil products includes direct use of crude oil, NGL and Other. Other products before January 2009 includes Naphtha. Other products before January 2009 is set to be N/A due to the definitional differences. Other products can be calculated by: Total oil products - sum of LPG, Motor and aviation gasoline, Kerosenes, Gas/diesel oil and Fuel oil.; Closing stocks: Represents the primary stock level at the end of the month within national territories. This includes stocks held by importers, refiners, stock holding organisations and governments.

Venezuela accounts for the greatest share of global oil reserves. As of 2023, ***** percent of all known oil reserves were found in the South American country. Saudi Arabia followed, at some ** percent. The majority of Venezuela's oil reserves are held in the form of oil sands and other very heavy oil types that have only become accessible through technological advances made in the late 2000's and early 2010's. OPEC reserves Most of the leading oil reserves holding countries are members of OPEC, the Organization of the Petroleum Exporting Countries, founded in 1960. Now comprised of 13 member states, OPEC's share of global crude oil reserves is around ** percent. Most OPEC countries are in the Middle East, the region with the largest oil reserves, holding around **** of the global share. Oil sands contribute to growing reserves As one of the five founding members of OPEC, Venezuela has long been an oil-producing country with heavy economic reliance on oil exports. However, in 2011, Venezuela’s energy and oil ministry announced an unprecedented increase in proved oil reserves as oil sands in the Orinoco Belt territory were certified. As a result, South and Central America’s proven oil reserves more than ******* between 2008 and 2011.

Energy Balance: Secondary: Total Oil Products: Naphtha: Closing Stocks data was reported at 2,263.000 Barrel th in Jan 2025. This records a decrease from the previous number of 2,511.000 Barrel th for Dec 2024. Energy Balance: Secondary: Total Oil Products: Naphtha: Closing Stocks data is updated monthly, averaging 0.000 Barrel th from Jan 2009 (Median) to Jan 2025, with 193 observations. The data reached an all-time high of 4,560.000 Barrel th in Sep 2015 and a record low of 0.000 Barrel th in Nov 2024. Energy Balance: Secondary: Total Oil Products: Naphtha: Closing Stocks data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Comprises naphtha used as feedstocks for producing high octane gasoline and also as feedstock for the chemical/petrochemical industries; Closing stocks: Represents the primary stock level at the end of the month within national territories. This includes stocks held by importers, refiners, stock holding organisations and governments.

The world holds around ************* barrels in proved crude oil reserves as of 2023. This is excluding oil sands. Since 1960, there has been a marked increase in oil reserves, especially in the decade between 1960 and 1970. Regional distribution of oil reserves As the volume of global oil reserves grew, the regional balance of proved oil reserves also shifted. In the 1960s, more than ** percent of proved reserves worldwide were in the Middle East. By 2023, the region still made up around ** percent, but had lost its shares to Latin America, which benefited from oil sands discoveries in Venezuela. Venezuela’s oil boom High increases in proved oil reserves in Central and South America predominantly came from Venezuela, and impacted regional distribution worldwide. The country’s proven oil reserves drastically increased when the energy and oil ministry certified vast quantities of oil sands in the Faja del Orinoco region, known as the Orinoco Belt. In 2011, Venezuela overtook Saudi Arabia as the country with the highest share of proven oil reserves in the world.

Venezuela Energy Balance: Secondary: Total Oil Products: Liquefied Petroleum Gases: Closing Stocks data was reported at 8.017 Metric Ton th in Jan 2025. This stayed constant from the previous number of 8.017 Metric Ton th for Dec 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Liquefied Petroleum Gases: Closing Stocks data is updated monthly, averaging 13.362 Metric Ton th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 75.000 Metric Ton th in Apr 2005 and a record low of 0.000 Metric Ton th in Nov 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Liquefied Petroleum Gases: Closing Stocks data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Comprises propane and butane; Closing stocks: Represents the primary stock level at the end of the month within national territories. This includes stocks held by importers, refiners, stock holding organisations and governments.

Venezuela Energy Balance: Secondary: Total Oil Products: Motor and Aviation Gasoline: Closing Stocks data was reported at 120.353 Metric Ton th in Jan 2025. This records an increase from the previous number of 109.412 Metric Ton th for Dec 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Motor and Aviation Gasoline: Closing Stocks data is updated monthly, averaging 120.353 Metric Ton th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 1,225.412 Metric Ton th in Jul 2004 and a record low of 0.000 Metric Ton th in Nov 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Motor and Aviation Gasoline: Closing Stocks data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Comprises motor gasoline and aviation gasoline OLADE includes Naphtha propotion in Motor and aviation gasoline prior to use of extended JODI Oil questionnaire format.; Closing stocks: Represents the primary stock level at the end of the month within national territories. This includes stocks held by importers, refiners, stock holding organisations and governments.

Venezuela Energy Balance: Secondary: Total Oil Products: Naphtha: Stock Change data was reported at -248.000 Barrel th in Jan 2025. This records a decrease from the previous number of 279.000 Barrel th for Dec 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Naphtha: Stock Change data is updated monthly, averaging 0.000 Barrel th from Jan 2009 (Median) to Jan 2025, with 193 observations. The data reached an all-time high of 992.000 Barrel th in Jul 2016 and a record low of -1,140.000 Barrel th in Jun 2016. Venezuela Energy Balance: Secondary: Total Oil Products: Naphtha: Stock Change data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Comprises naphtha used as feedstocks for producing high octane gasoline and also as feedstock for the chemical/petrochemical industries; Stock changes: Closing stock level (end of month) minus opening stock level (start of month). A positive number corresponds to a stock build, a negative number corresponds to a stock draw.

Venezuela Energy Balance: Secondary: Total Oil Products: Kerosenes: Stock Change data was reported at 0.000 kl th in Jan 2025. This stayed constant from the previous number of 0.000 kl th for Dec 2024. Venezuela Energy Balance: Secondary: Total Oil Products: Kerosenes: Stock Change data is updated monthly, averaging 0.000 kl th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 189.036 kl th in Jul 2009 and a record low of -152.787 kl th in Aug 2015. Venezuela Energy Balance: Secondary: Total Oil Products: Kerosenes: Stock Change data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Comprises kerosene type jet kerosene and other kerosene; Stock changes: Closing stock level (end of month) minus opening stock level (start of month). A positive number corresponds to a stock build, a negative number corresponds to a stock draw.

Venezuela Energy Balance: Secondary: Total Oil Products: Motor and Aviation Gasoline: Stock Change data was reported at 8,500.000 Barrel/kton in Feb 2025. This stayed constant from the previous number of 8,500.000 Barrel/kton for Jan 2025. Venezuela Energy Balance: Secondary: Total Oil Products: Motor and Aviation Gasoline: Stock Change data is updated monthly, averaging 8,500.000 Barrel/kton from Jan 2002 (Median) to Feb 2025, with 278 observations. The data reached an all-time high of 8,500.000 Barrel/kton in Feb 2025 and a record low of 8,500.000 Barrel/kton in Feb 2025. Venezuela Energy Balance: Secondary: Total Oil Products: Motor and Aviation Gasoline: Stock Change data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Venezuela – Table VE.JODI.WDB: Energy Balance: Oil. Comprises motor gasoline and aviation gasoline OLADE includes Naphtha propotion in Motor and aviation gasoline prior to use of extended JODI Oil questionnaire format.; Stock changes: Closing stock level (end of month) minus opening stock level (start of month). A positive number corresponds to a stock build, a negative number corresponds to a stock draw.

能源平衡：次要：石油产品总量：煤油：存量变化在01-01-2025达0.000千千升，相较于12-01-2024的0.000千千升保持不变。能源平衡：次要：石油产品总量：煤油：存量变化数据按月更新，01-01-2002至01-01-2025期间平均值为0.000千千升，共277份观测结果。该数据的历史最高值出现于07-01-2009，达189.036千千升，而历史最低值则出现于08-01-2015，为-152.787千千升。CEIC提供的能源平衡：次要：石油产品总量：煤油：存量变化数据处于定期更新的状态，数据来源于Joint Organisations Data Initiative，数据归类于全球数据库的委内瑞拉 – Table VE.JODI.WDB: Energy Balance: Oil。

能源平衡：次要：石油产品总量：燃气及柴油：期末存货在10-01-2024达263.919千公吨，相较于09-01-2024的243.243千公吨有所增长。能源平衡：次要：石油产品总量：燃气及柴油：期末存货数据按月更新，01-01-2002至10-01-2024期间平均值为291.892千公吨，共274份观测结果。该数据的历史最高值出现于01-01-2004，达1,914.459千公吨，而历史最低值则出现于03-01-2013，为-155.000千公吨。CEIC提供的能源平衡：次要：石油产品总量：燃气及柴油：期末存货数据处于定期更新的状态，数据来源于Joint Organisations Data Initiative，数据归类于全球数据库的委内瑞拉 – Table VE.JODI.WDB: Energy Balance: Oil。

能源平衡：主要：Total Crude：期末存货在01-01-2025达3,144.456千千升，相较于12-01-2024的3,218.385千千升有所下降。能源平衡：主要：Total Crude：期末存货数据按月更新，01-01-2009至01-01-2025期间平均值为3,653.534千千升，共193份观测结果。该数据的历史最高值出现于03-01-2013，达6,688.130千千升，而历史最低值则出现于10-01-2022，为0.000千千升。CEIC提供的能源平衡：主要：Total Crude：期末存货数据处于定期更新的状态，数据来源于Joint Organisations Data Initiative，数据归类于全球数据库的委内瑞拉 – Table VE.JODI.WDB: Energy Balance: Oil。