Venezuela holds the world's largest proven oil reserves but produces only ~800,000 barrels per day — well below the 2015 peak of 2.5 million bpd. Years of underinvestment, sanctions, and political instability have eroded production capacity.
Current Context
Venezuelan production remains capped by U.S. sanctions and the country's limited ability to attract foreign investment. Some specific licenses (Chevron, Repsol) allow narrow operations. Heavy crude remains a niche feedstock for U.S. Gulf Coast refineries.