Oil Industry Venezuela

Oil Industry Venezuela is a very important name in the world of oil industry as it produces a lot of oil for itself as well as for other countries to which it exports oil. The Oil Industry Venezuela is among the founding members of OPEC or Organization of Petroleum Exporting Countries and is also known as the key supplier of oil to United States of America.

Oil Industry Venezuela is a very important name in the world of oil industry as it produces a lot of oil for itself as well as for other countries to which it exports oil. The Oil Industry Venezuela is among the founding members of OPEC or Organization of Petroleum Exporting Countries and is also known as the key supplier of oil to United States of America.

Oil Industry Venezuela is one of the main stays of the economy of Venezuela and it produces more than 80 percent of the total amount of earnings done through exporting. Oil Industry Venezuela also provides nearly 30 percent of the gross domestic product or the GDP and also provides over 50 percent of the government operating revenues.

It has been estimated that the amount of fuel Oil Industry Venezuela has in store is more than 77 billion barrel and if extra heavy crude oil which are known as undeveloped deposits are taken into consideration the number goes to a staggering 270 billion barrel. This amount goes past even another big oil possessor Saudi Arabia.

The effect of the strike in the Oil industry of Venezuela in the year 2002 brought economic depression in the economy of Venezuela. This condition was over in the year 2005 when oil prices went high and the consumption rate also rose astoundingly.

Venezuela is the fifth largest oil exporter with as much as 13 percent of the total oil export in the world. Venezuela also is the highest supplier of oil to the USA and it has been observed that if one of the companies in Venezuela stops production for some days the price of the oil goes up in no time.

Oil Industry Venezuela has got two types of companies in the country: State owned companies and International companies. State owned companies are:

 

• Citgo Petrolium Corporation
   
• Petroleos de Venezuela SA

  Some of the international companies are:

   

• BP p.l.c.
• Chevron Corporation
• Total SA
• China National Petroleum Corporation