Skip to main content

Venezuela energy report

Venezuela energy report
mail
arrow_upward
Update
Format
3 files (PDF report, 2 Excel files)
Pages
48 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • ENERGY AND CLIMATE POLICY FRAMEWORK
  • ENERGY COMPANIES
  • ENERGY SUPPLY AND DEMAND
  • ENERGY USE AND PRICE BY SECTOR
  • ISSUES AND PROSPECTS
  • STATISTICS
  • ABBREVIATIONS
  • GLOSSARY

Download the Table of Contents

Download samples
Report Sample Country Data Sample Power Generation Sample

Buy Venezuela energy report

Price without VAT. Depending on your statute and location, VAT might be applicable. Get in touch with us for more information.

After validation, you will immediately receive 3 files by email (one pdf report and 2 excel files containing the datasets).

Price
1 190 €

Overview

This analysis includes a comprehensive Venezuela energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.

Highlights

  • The country has been facing a severe economic and political crisis since 2013.
  • Oil represents over 80% of total exports revenues.
  • The energy sector is controlled by the Government; Corpoelec is responsible for power generation and PDVSA for the oil and gas sector.
  • Venezuela holds the largest proven oil reserves in the world. However, their development is limited due to the economic situation.
  • A significant part of the power capacity is not operational. Around half of this capacity is from hydro.
  • Final energy consumption has rebounded since 2021, after a rapid decrease between 2013 and 2020. Energy prices are controlled by the Government.
  • Gasoline and diesel prices are among the lowest in the world.
  • The development of Venezuela's large oil reserves is blocked by the on-going economic and political crisis.
  • Several gas-powered power plants under construction were abandoned because of the crisis.
1st
rank worldwide for proven oil reserves
-32%
in power generation since 2013
-78%
oil production since 2010

  • Energy & Climate Policy Framework

    The Ministry of Hydrocarbons lays down the country's energy policy and supervises all the national energy companies. The Ministry of Electrical Energy supervises the electricity sector.

    The Planning Ministry (Cordiplan) is involved in the development of the energy plans and the definition of the sector's main priorities.

  • Energy Companies

    Gas:

    PDVSA Gas is in charge of the exploration and the exploitation of gas, as well as of the production and sale of LNG on national and international markets.

    Repsol YPF is the largest private producer, producing on the Quiriquire block since 2001.

  • Energy Supply & Demand

    Oil:

    Crude oil production dropped by 77% between 2013 and 2020 and has increased by 9%/year since, reaching 53 Mt in 2024.

    Approximately 2/3 of the oil production is exported. In addition, Venezuela exported 1 Mt of oil products in 2024.

  • Energy Use and Price by Sector

    Energy Prices in Residential:

    Electricity prices are very low and have been controlled by the Government since 2003. In 2016, they were around US$1.9c/kWh for households. They were raised by over 80% in 2014 and 2015, after Corpoelec announced a power subsidy cut for electricity users consuming more than their respective regional average in 2014.

  • Issues & Prospects

    Electricity:

    Because of the underinvestment of the last 10 years and the fact that many of the country's installations are outdated and of the expected consumption growth, Venezuela now requires substantial investments in the electricity sector. However, only 6 GW are under construction or under development, mostly hydro and gas power plants.

    Graph: Upcoming New Capacity by Energy Source

  • Graph 1: Primary Consumption Trends by Energy Source

 

  • Graph 2: Total Consumption Market Share by Energy (2024)

 

  • Graph 3: Installed Electric Capacity by Source

 

  • Graph 4: Installed Electric Capacity by Source (2024)

 

  • Graph 5: Gross Power Production by Source & Consumption

 

  • Graph 6: Power Generation by Source (2024)

 

  • Graph 7: Crude Oil Production & Consumption

 

  • Graph 8: Petroleum Products Production & Consumption

 

  • Graph 9: Gas Production & Consumption

 

  • Graph 10: Coal Production & Consumption

 

  • Graph 11: GHG Emissions and CO2-energy Emissions

 

  • Graph 12: Final Demand Trends by Energy Source

 

  • Graph 13: Final Consumption by Sector

 

  • Graph 14: Final Consumption Market Share by Sector (2024)

 

  • Graph 15: Final Consumption in Industry by Energy Source

 

  • Graph 16: Final Consumption in Transport by Energy Source

 

  • Graph 17: Final Consumption in Residential, Services, Agriculture by Energy Source

 

  • Graph 18: Upcoming New Capacity by Energy Source

 

  • Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
  • Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
  • Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.

The Venezuela energy market data since 1990 and up to is included in the Excel file accompanying the Venezuela country report.
It showcases the historical evolution, allowing users to easily work with the data.

Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Venezuela Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Venezuela energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).