Report Update Nov 1, 2024

Venezuela - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Venezuela: Crude Oil Market 2024

Crude Oil Market Size in Venezuela

The Venezuelan crude oil market soared to $X in 2022, jumping by 70% against the previous year. Over the period under review, consumption, however, faced a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in Venezuela

In value terms, crude oil production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production showed a deep downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7.8%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from Venezuela

In 2022, approx. X tons of crude petroleum oil were exported from Venezuela; declining by -88.9% against 2021. In general, exports showed a significant curtailment. The pace of growth was the most pronounced in 2014 with an increase of 114%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports declined markedly to $X in 2022. Over the period under review, exports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2014 when exports increased by 92%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for crude oil exports from Venezuela, accounting for a 81% share of total exports. Moreover, crude oil exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, China (X tons), more than tenfold. India (X tons) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to Taiwan (Chinese) amounted to -9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-25.4% per year) and India (-26.6% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for crude petroleum oil exports from Venezuela, comprising 56% of total exports. The second position in the ranking was held by China ($X), with a 15% share of total exports. It was followed by India, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Taiwan (Chinese) stood at -15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-20.4% per year) and India (-22.9% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, dropping by -21.5% against the previous year. Overall, the export price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2020 an increase of 48%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into Venezuela

In 2022, crude oil imports into Venezuela rose modestly to X tons, increasing by 3.7% compared with the previous year. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when imports increased by 12%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Overall, imports, however, showed a abrupt decline. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ecuador (X tons) was the main crude oil supplier to Venezuela, accounting for a approx. 99.9% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Ecuador amounted to -5.7%.

In value terms, Ecuador ($X) constituted the largest supplier of crude petroleum oil to Venezuela.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador amounted to -8.5%.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, surging by 22% against the previous year. Over the period under review, the import price, however, recorded a pronounced contraction. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Ecuador.

From 2012 to 2022, the rate of growth in terms of prices for Ecuador amounted to -2.9% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, together comprising 45% of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together accounting for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, with a combined 42% share of global production.

What are the leading suppliers of crude petroleum oil to Venezuela?

In value terms, Ecuador constituted the largest supplier of crude oil to Venezuela, comprising 95% of total imports. The second position in the ranking was occupied by the United States, with a 5.2% share of total imports.

What are the leading importers of crude petroleum oil from Venezuela?

In value terms, Taiwan Chinese) remains the key foreign market for crude oil exports from Venezuela, comprising 53% of total exports. The second position in the ranking was occupied by China, with a 14% share of total exports. It was followed by India, with a 12% share.

What is the average export price for crude petroleum oil in Venezuela?

In 2021, the average crude oil export price amounted to $512 per ton, reducing by -47.4% against the previous year.

What is the average import price for crude petroleum oil in Venezuela?

In 2021, the average crude oil import price amounted to $583 per ton, remaining stable against the previous year.

This report provides an in-depth analysis of the crude oil market in Venezuela. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Venezuela

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Venezuela
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023