Story perspectives

Venezuela's Oil Production Plummets Amid Political Turmoil

1/8/2026

Summary

Story summary

Venezuela holds the world's largest proven oil reserves, totaling over 303 billion barrels.
Production faces significant challenges from political instability, sanctions, underinvestment, and aging infrastructure.
Analysts predict production will remain low for at least two years after the capture of Nicolás Maduro, President of Venezuela, who has been charged with drug trafficking.
In 2025, output was about 1.1 million barrels per day, down from a 1970 peak of 3.7 million.

1 of 1

Story summary

Venezuela holds the world's largest proven oil reserves, totaling over 303 billion barrels.
Production faces significant challenges from political instability, sanctions, underinvestment, and aging infrastructure.
Analysts predict production will remain low for at least two years after the capture of Nicolás Maduro, President of Venezuela, who has been charged with drug trafficking.
In 2025, output was about 1.1 million barrels per day, down from a 1970 peak of 3.7 million.