History of the Venezuelan oil industry

Venezuela has the world's largest proven oil reserves at an estimated 304 billion barrels (18% of global reserves) as of 2020. The country was previously one of the world's largest exporters of oil, but the oil industry saw a significant decline since its peak in 2012.

Venezuela's historic inflation rate beside annual oil revenues.

Real and nominal price of oil from 1861 to 2015.

In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m³/d) and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC).

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