Venezuela's Oil Reserves and Production Restoration

The article discusses the state of Venezuela's oil sector, which possesses the world's largest proven oil reserves exceeding 303 billion barrels, with a significant concentration in the Orinoco Belt. Despite these massive reserves, Venezuelan oil production currently remains below one million barrels per day and heavily depends on infrastructure improvements and attracting investments, particularly in heavy and ultra-heavy crude fields that require advanced technologies and substantial capital. It is expected that production will continue to improve, reaching over 1.4 million barrels per day by 2028, with long-term potential up to 3.3 million barrels per day, provided that power supply stability and field rehabilitation projects are implemented. Additionally, U.S. strategic petroleum reserves have seen a significant decline, with over 125 million barrels drawn since late 2023, as the United States seeks to recover Venezuelan oil as part of its efforts to bolster its stockpiles. Despite challenges related to the market and infrastructure in Venezuela, oil exports have gradually increased.

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