The Bolivarian Republic of Venezuela lies along South America’s Caribbean Coast. It is bordered by Brazil, Colombia and Guyana. The country covers an area of around 916 thousand square kilometres, excluding the Esequibo area, and has a population of almost 30 million. Around four million people live in the capital, Caracas, and Spanish is the country’s official language.
Venezuela’s oil revenues account for about 95 per cent of export earnings. The oil and gas sector is around 25 per cent of gross domestic product. Apart from petroleum, the country’s natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals. The national currency is the bolivar.
HE Nicolás Maduro Moros is the President of the Bolivarian Republic of Venezuela and the country is a Founder Member of OPEC.
Did you know?
- There are 43 national parks in Venezuela, making up 15 per cent of the country’s land mass.
- Venezuela has been an oil producer since 1914 when the first commercial oil well, Zumaque I, was drilled in the Mene Grande field on the eastern shores of Lake Maracaibo.
| Population (million inhabitants) | 29.985 |
|---|---|
| Land area (1,000 sq km) | 916 |
| Population density (inhabitants per sq km) | 33 |
| GDP per capita ($) | 12,472 |
| GDP at market prices (million $) | 373,978 |
| Value of exports (million $) | 89,175 |
| Value of petroleum exports (milllion $) | 85,861 |
| Current account balance (million $) | 7,484 |
| Proven crude oil reserves (million barrels) | 298,350 |
| Proven natural gas reserves (billion cu. m.) | 5,581 |
| Crude oil production (1,000 b/d) | 2,789 |
| Marketed production of natural gas (million cu. m.) | 21,820 |
| Refinery capacity (1,000 b/cd) | 1,855 |
| Output of refined petroleum products (1,000 b/d) | 1,245.1 |
| Oil demand (1,000 b/d) | 831 |
| Crude oil exports (1,000 b/d) | 1,937 |
| Exports of petroleum products (1,000 b/d) | 491.0 |
| Natural gas exports (million cu. m.) | -- |
- b/d (barrels per day)
- cu. m. (cubic metres)
- b/cd (barrels per calendar day)
Source: Annual Statistical Bulletin 2014
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