- Update
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- Format
- 3 files (PDF report, 2 Excel files)
- Pages
-
48 (Report only)
- Delivery
- Immediate by e-mail
- 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
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Overview
Venezuela’s energy sector, dominated by state-controlled oil and electricity firms, faces persistent challenges amid economic instability and political tensions. Heavy reliance on oil exports, regulatory constraints, and underinvestment have crippled production, refining, and power infrastructure, despite vast hydrocarbon reserves.
Get more details on the table of contents and data files, as well as the list of graphs and tables by browsing the tabs below.
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.
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
Electricity:
Corpoelec is responsible for power generation. Before 2011, 4 main companies used to represent more than 95% of the electricity production: Edelca (Electrificación del Caroní C.A.; 72% of the production), Cadafe (9.5%), Elecar (9%) and Enelven (5.5%).
Energy Supply & Demand
Gas:
The natural gas production dropped by 47% from 2016 to 2020 and has since rebounded by 13%/year, reaching 23 bcm in 2024.
Only a quarter of the gas production is marketed; a strong proportion is re-injected (40%). That production is only used to supply the domestic market, with the largest part being used for the production of electricity and in industry.
Energy Use and Price by Sector
Energy Prices in Transport:
The Government controls gasoline and diesel prices, which are heavily subsidised. They are the lowest in the world and far below the price of crude oil.
Issues & Prospects
Gas:
Gas development plans are subject to reconsideration, since the economic situation led Venezuela to freeze its LNG export projects.
- 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).