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According to IPD Latin America estimates, Venezuela's refinery throughput has been less than 300,000 b/d, or roughly one-fifth of its nameplate capacity.17 Venezuela has worked with Iran to supply fuel as well as refining materials, spare parts, and technicians to restart the refineries.
Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.
Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.
Of Venezuela's six refineries, only five remain operational, all running at no more than 20% of total capacity. The country's aging refining system, plagued by frequent shutdowns and low output, has deteriorated after years of underinvestment, poor management and international sanctions that have limited access to spare parts.
In 2009, Israel found natural gas reserves within their exclusive economic zone which may reduce urgency of solar development. Solar technology in Israel has advanced to the point where it is almost cost-competitive with fossil fuels.
"Israel Land Authority Invites Bids For Solar Energy Production Facility In Naot Hovav". SolarQuarter. Retrieved 2 June 2023. ^ "Enlight starts up its 2nd solar-plus-storage power plant in Israel". Renewablesnow.com. Retrieved 18 September 2023. ^ "Israel plans solar farms along Gaza border". Globes. 27 September 2023. Retrieved 2 October 2023.
As of the early 1990s, all new residential buildings were required by the government to install solar water-heating systems, and Israel's National Infrastructure Ministry estimates that solar panels for water-heating satisfy 4% of the country's total energy demand.
However, even though Israeli engineers have been involved in both photovoltaic and concentrated solar power, the earliest Israeli companies which have become market leaders in their respective fields have all been involved in concentrated solar power.
