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 Venezuelan crude oil exports. However, Venezuela crude oil exports to Latin American countries declined to 30 thousand barrels per day.

Whereas, as per Venezuela import data reflects that the country’s crude oil imports were estimated to be $38 million during fiscal year 2022. The overall crude oil imports which Venezuela made during fiscal year 2022 were from the United States. Venezuela has the potential to export more crude oil but due to the sanctions imposed by the United States, crude oil exports declined drastically. 

As, Venezuelan government is getting relief from the US sanctions, the country's crude oil exports are likely to increase. Also, Venezuelan oil production this year saw 25% rise and producers are expecting an increased output of over 200,000 barrels per day. There is a huge demand for crude oil in the international market. Global import export data shows that China and the United States are the top crude oil importers in the world. 

India, South Korea, Japan, Netherlands, Germany, Spain, United Kingdom, Taiwan and Singapore are the top buyers of crude oil in the worldwide market. Venezuela could serve as a better alternative for global crude oil demand. Through a comprehensive market research, businesses could reach out to the crude oil suppliers from Venezuela.

Before the crisis, Venezuela exports were promising. Historical Venezuela export data shows that around $5.2 billion worth of exports were made during FY 2023. Whereas, it was $97 billion in 2012. Venezuela's key exports are fish, rice, corn, coffee, meat and tropical fruits. If Venezuela could utilize its petroleum reserves fully, the country's exports and economy could improve further. Venezuela's main trading partners are the United States, China, Brazil, Turkey and Colombia.

The Venezuelan government is working progressively to expand its merchandise exports. Venezuelan import export companies can enhance your business sales through comprehensive trade data. There are many global import export data providers in the world. Through customs trade data, Venezuelan companies can find their product demand, price forecasts, analyze production quantity, port volume, explore top marketplaces, and generate potential buyers, suppliers for their business. You can double your ROI by pitching genuine business prospects.