Venezuela, an alternative to meet rising global crude oil demand
Venezuela is a very diverse country with a rich heritage. Venezuela has the biggest oil reserves in the world. Venezuela is a prominent producer of petroleum goods. It is the 25th leading oil producer globally. It is the 8th vital member of OPEC (Organization of the Petroleum Exporting Countries). The Venezuelan economy relies mostly on its petroleum exports. It is the epitome of the Venezuelan economy. This financial year, Venezuela produced over 6,95,000 bpd (barrels per day). According to the Venezuela import export data reports, the country's crude petroleum exports were estimated to be around $5.98 million during fiscal year 2021. Venezuela's crude petroleum exports were mostly to Malaysia, United Arab Emirates and Italy. Asian countries were the top markets for Venezuelan crude oil exports accounting for over 415 thousand barrels per day. These were responsible for over 90% market share. Whereas, the United States was the second most favoured market for Venezue...