August 24, 2026
With oil deposits estimated at more than 300bn barrels, Venezuela holds the world’s largest oil reserves. Following a steady decline in production during the Maduro years, output has climbed sharply from lows of around 500,000b/d during 2025 to about 1.25m b/d today, with exports exceeding 1m b/d.
Analysis by US shipbroker, Poten & Partners, reveals that prior to the president’s capture, about 30% of production was exported to the US by Chevron, the only oil major active in the country in recent years. The remaining 70% was shipped to China which had lent the country $50-60bn for economic development to be paid back in oil.
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