Venezuela Energy Overview

Venezuela, a nation rich in natural resources, plays a significant role in the global energy landscape. In 2023, Venezuela's coal production reached an estimated 149,000 metric tons, with consumption at 80,000 metric tons, indicating a surplus that supports export activities. The country boasts substantial proven coal reserves of approximately 730.999 million metric tons. In the petroleum sector, Venezuela is a major player with total petroleum production at 801,000 barrels per day as of 2023, supported by crude oil reserves estimated at 303.806 billion barrels in 2021. Electricity generation in Venezuela is heavily reliant on hydroelectricity, which accounts for 78.3% of the total installed capacity. Despite challenges in the energy sector, including significant transmission and distribution losses of 25.849 billion kWh in 2023, the country's electrification rate stands at an impressive 100%. With proven natural gas reserves of 5.674 trillion cubic meters, Venezuela continues to be a pivotal energy provider in the region.