Oil Price in Venezuela, Bolivarian Republic of — Brent & WTI Crude Today

Venezuela holds the world's largest proven oil reserves, centered on the heavy crude of the Orinoco Belt. Sanctions and declining output have cut exports, but its grades remain benchmarked relative to Brent.

Classified here as a opec member state, Venezuela, Bolivarian Republic of trades against Brent and WTI. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Venezuela, Bolivarian Republic of settles at.

Venezuela, Bolivarian Republic of is an OPEC member, which means its production is subject to a group quota rather than set purely by field capacity and price. Quota decisions taken at OPEC and OPEC+ ministerial meetings therefore move the Brent price and Venezuela, Bolivarian Republic of's own export volumes at the same time — and the two do not always pull revenue in the same direction. A cut that lifts the benchmark can leave total receipts flat if the volume reduction offsets the price gain.

South American grades are sold as differentials to whichever marker fits the destination — Brent for Europe and Asia, WTI for the US Gulf — so both benchmarks matter to the realised export price.

Venezuela, Bolivarian Republic of refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars worldwide. Where local prices are quoted in dollars or in a dollar-pegged currency, that removes one layer of volatility: buyers in Venezuela, Bolivarian Republic of face the crude move on its own, without an exchange-rate move stacked on top of it.