Petróleos de Venezuela S.A. Competition

American motorists rely on Petróleos de Venezuela S.A. (PDVSA), one of the top exporters of oil to the US. The state-owned company is a global oil giant and in 2010 reported estimated proved reserves of 296.5 billion barrels of oil and 22.9 billion cu. meters of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. US-based subsidiary CITGO Petroleum supplies gasoline to some 6,000 US retail outlets. Outside Venezuela, PDVSA refines, markets, and transports petroleum products in Belgium, the Caribbean, Sweden, the UK, and the US.