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Venezuela is the first country in the world for the largest crude oil reserves with a total of 303 billion barrels.
China is the country with the largest imports of Venezuelan oil with 68 percent of the total, followed by the United States with 23 percent.
The overthrow of Nicolas Maduro as president of Venezuela is not expected to have a strong impact on markets in general, nor on the oil market in particular.
"Who controls the oil, controls the nations.", this saying of former US Secretary of State Henry Kissinger in the 1970s remains just as relevant today. "Black gold" has been at the center of geopolitics and conflicts for more than a century. Venezuela is the first country in the world for the largest reserves of crude oil with a total of 303 billion barrels.
It leaves behind Saudi Arabia with 276 thousand, Iran with 209 thousand, or Canada, Iraq, the United Arab Emirates and Russia.
The United States, an economic and military superpower, ranks 9th with 69 billion barrels of crude oil, leaving behind Libya with 48 billion.
Before the United States sanctions, Venezuela produced over 2 million barrels of oil per day in 2017, an amount that decreased to 1,511 million in 2018 or just over 1 million in 2019.
Venezuela's oil production fell to 569 million barrels in 2020 as Washington tightened sanctions on Caracas. The trajectory of "black gold" production continued to decline.
China is the country with the largest imports of Venezuelan oil with 68 percent of the total, followed by the United States with 23 percent.
In Europe, Spain is among the main importers with 4 percent of the total.
Market analysts estimate that the arrest and deportation of Venezuelan President Nicolas Maduro from the United States of America is not expected to have a strong impact on markets in general, nor on the oil market in particular.
This is because global markets are currently oversaturated, so any price increase due to the conflict is expected to be modest, around $1–2 per barrel.
In fact, the United States' taking control of Venezuela's oil production, accompanied by the lifting of sanctions, could increase exports and consequently reduce the price of "black gold" on the stock market.
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