Venezuelan oil myth: The vital supplier

Authors:
Luis Alberto López Rafaschieri and José Alberto López Rafaschieri
www.morochos.net

For decades, Venezuela has been shaping an energy ideology based on the assumption that Venezuelan oil is a strategic resource for the stability of the global economy. A notion that has been taken to extremes during the presidency of Hugo Chavez.

However, with a few simple calculations, we can demonstrate the error of those who believe that without Venezuelan oil the system would collapse.

According to the most optimistic estimates, Venezuela exports about 2 million barrels of oil a day, but the world consumes, according to OPEC, 83 million bpd. From which it follows that Venezuela covers only 2.4% of world oil demand.

And if we talk only about the United States, Venezuela's oil exports to that country reach approximately one million b/d. That is to say 4.8% of the 20.7 million barrels consumed daily by the US.

So, where is the relentless dependency of which Venezuelan politicians speak of? if statistically, Venezuela's energy exports are so small that the global economy, and the United States, could continue to function perfectly even if it received no Venezuelan oil.

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