Lots of Oil, Little Production: What to Know About Venezuelan Energy – The New York Times

Lots of Oil, Little Production: What to Know About Venezuelan Energy

The South American country increasingly at odds with the Trump administration has the world’s largest oil reserves. Listen to this article · 6:17 min Learn more

Where there are large oil reserves

Note: Data shows estimates of proven oil reserves for 2025. See image above.

Source: Oil & Gas Journal.

By Rebecca F. Elliott and Lazaro Gamio, Dec. 5, 2025

Venezuela sits on more oil than Saudi Arabia, Russia, the United States and every other country. Yet, it produces and sells only about 1 percent of the crude the world is using.

President Trump’s recent threats against the Venezuelan government and his administration’s strikes on boats in the Caribbean Sea have cast fresh attention on the country’s energy wealth, which has tantalized generations of oilmen.

It is hard to know what role oil may end up playing in the tussle between the Trump administration and the government of President Nicolás Maduro. But oil has long been central to U.S.-Venezuela relations.

How much oil does Venezuela have?

Venezuela has roughly 17 percent of the world’s known oil reserves, or more than 300 billion barrels, according to the Oil & Gas Journal, an industry publication. In other words, that’s how much oil experts believe could be extracted from the country’s territory.

To put that in context, the United States, the world’s top oil producer, has an estimated 81 billion barrels of proven reserves.

Venezuela pumped almost 5 percent of the world’s oil in 1997, but years of mismanagement, underinvestment and U.S. sanctions have squeezed output. The difficulty of extracting the country’s tar-like oil has also complicated matters.

Venezuela’s yearly oil production

https://datawrapper.dwcdn.net/xruqk/7/?plain=1

Source: U.S. Energy Information Administration. The New York Times

The United States used to buy most of Venezuela’s oil, but that trade stopped in 2019 after the first Trump administration imposed sanctions on the country’s state-owned oil company, Petróleos de Venezuela. Shipments to the United States resumed in 2023, but volumes have remained low. Most of Venezuela’s crude now flows to China.

Which oil companies do business in the country?

Venezuela has seesawed between welcoming private oil companies and asserting state control over the industry.

Editor’s Note: Read the rest of the story, at the below link.

Continue/Read Original Article Here: Lots of Oil, Little Production: What to Know About Venezuelan Energy – The New York Times

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