Key Market Indicators
Venezuela's crude oil production is projected to decrease by 3% annually and reach 88,530 thousand tonnes of oil equivalent by 2026. Since 1976, Venezuela's supply has decreased by nearly 5% each year. In 2021, Venezuela came in at 11th place in the list of countries with the highest crude oil production, with Brazil overtaking it at 104,450 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq came in at positions 2, 3 and 4, respectively.
