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The energy industry in Venezuela

Venezuela has the largest proven reserves of oil in the world, accounting for 20% of the world’s reserves and is a founding member of OPEC. Although the country’s oil productivity has been in steep decline in recent years due to political instability, it was still the world’s 12th largest oil producer in 2017 and oil exports account for 99% of the country’s export earnings. The industry is focused around the Orinoco River Basin, also known as the Orinoco Petroleum Belt and the country is home to the 8th largest oil field in the world; The Bolivar Coastal Field. The country also has a strong mining industry and is the 3rd largest producer of coal in South America with also smaller reserves of gold, bitumen and iron ore.

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