Venezuela, home to the world’s largest oil reserves, is notable for its heavy oil deposits, which are among the highest in climate pollution per barrel.
Following the capture of Venezuelan President Nicolás Maduro by U.S. forces, President Donald Trump announced on social media that the country would supply the U.S. with 30 to 50 million barrels of high-quality crude oil. However, Trump previously criticized Venezuelan oil as among the dirtiest globally.
Venezuela’s “extra-heavy” crude is a dense, tar-like substance requiring energy-intensive heating and chemical dilution for pipeline transport.
“Extracting and refining this oil requires significant energy, leading to high emissions,” said Deborah Gordon, senior principal at RMI’s Climate Intelligence Program.
Greenhouse gas emissions from heavy crude are 1.5 times higher than those from light crude, according to a 2018 study in Environmental Research Letters. The study analyzed the climate impact of 75 different crude oils worldwide.
Heavy crudes, such as those from Venezuela, need more refining, increasing their energy consumption and emissions, said Adam Brandt, a Stanford University energy science engineering professor.
Venezuelan oil, primarily extra-heavy crude, ranks as the second-most carbon-intensive globally, according to a 2018 policy paper published in Science.
An updated analysis by RMI’s oil and gas climate index shows Venezuela has the highest carbon intensity among 55 major oil producers.
“Not all hydrocarbons should be extracted; better sources exist,” Gordon said, emphasizing the environmental cost.
Methane emissions from Venezuelan oil production significantly impact climate change. Methane is over 80 times more potent than CO2 over 20 years.
Venezuela’s oil had the second-highest methane intensity in 2023, according to the International Energy Agency. Sanctions have contributed to poor resource management, increasing leak rates, Gordon noted.
Neglected maintenance has led to frequent oil spills. Between 2010 and 2016, Petróleos de Venezuela, S.A. reported over 46,000 spills. In 2020, a union leader estimated spills occur almost daily in some regions.
Despite Trump’s commitment to open Venezuela’s reserves to U.S. firms, production may not rise. Maintaining current production levels requires $53 billion in new energy infrastructure, a Rystad Energy analysis revealed.
Kirk Edwards of Latigo Petroleum sees the U.S. actions as insignificant for oil markets. “A real turnaround needs $50–100 billion, modern infrastructure, and political stability,” Edwards wrote on LinkedIn. Low oil prices deter investment, he added.
Venezuela’s oil sector will continue its high climate impact, whether production changes or not, Gordon said. “They’re just releasing emissions unchecked,” she stated.
Original Story at insideclimatenews.org