Energy consumption in Venezuela has risen from 39m tons of oil
equivalent in 1988 to 71.32m t/yoe in 2006. In 2007, with the economy
doing well thanks to high world oil prices since early 2003, energy
consumption is likely to reach 73m t/yoe.
The energy base of Venezuela consists of oil, natural gas,
hydro-power and a negligible amount of coal. Oil consumption this year
is expected average 650,000 b/d, up from 620,000 b/d in 2006, 526,000
b/d in 2003 and 590,000 b/d in 2002. Oil consumption in 2003 was
relatively low because of a general strike from Dec. 2, 2002 to February
2003 affected the country's oil production and refining sector. Oil
consumption has risen steadily since 1993, when it averaged 430,000 b/d.
Natural gas consumption, excluding gas re-injected into the
oilfields, in 2007 is likely to exceed 31 BCM, up from 29.6 BCM in 2004,
about 29.4 BCM in 2003 and 23.3 BCM in 1993. The industrialised part of
the country has been acutely short of gas.
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