U.S. explores diplomatic path to boost Venezuelan oil output
U.S. seeks increased Venezuelan oil production amid nation's energy infrastructure collapse.
Event / Energy
Venezuela Oil Production Crisis
Venezuela's oil production has declined significantly to approximately 1 million barrels per day, with fewer than 30% of the country's oil wells operational. The United States has expressed interest in increasing Venezuelan oil production following political changes in the country.
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2026-08-18 to 2026-11-15 · UTC publication dates
Coverage begins 28 Apr, 02:06 UTC
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United States seeks to increase Venezuelan oil production
The United States has indicated interest in increasing oil production from Venezuela following the capture of President Nicolas Maduro in January. This reflects broader geopolitical and energy security considerations regarding Venezuelan crude reserves.
Venezuela's oil production has declined dramatically from historical peaks
Venezuela's crude oil production has fallen to approximately 1 million barrels per day, down significantly from 3 million barrels per day recorded two decades earlier. Despite possessing the world's largest proven crude oil reserves and historically being called 'Saudi Venezuela', the country's production capacity has substantially diminished.
Less than 30% of Venezuela's oil wells are operational
The Venezuelan Chamber of Petroleum (CPV) reported that fewer than 30% of the country's approximately 31,000 oil wells are currently in service. This represents a severe decline from historical production levels, with current output around 1 million barrels per day compared to 3 million barrels per day two decades ago.
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Venezuela's oil wells face unprecedented operational collapse
Venezuela's oil production has collapsed, with fewer than 30% of wells operational.