Venezuela: cheap oil output but among hardest hit by low prices

Venezuela can produce oil at almost $13-a-barrel cheaper than the U.S., but it’s still among the countries hardest hit by the more than 50% drop in crude prices since mid-2014.

Visual Capitalist Founder and Editor Jeff Desjardins’ Chart of the Week released Friday revealed that it costs Venezuela $23.50 to produce one barrel of oil, based on 2015 figures — significantly lower than the U.S.’s cost of $36.50 a barrel and the U.K.’s cost of $52.50 a barrel.




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