Venezuela -

Venezuela is a South American nation renowned for having the , estimated at roughly 303 billion barrels —nearly 20% of the global total. Despite this immense wealth, the country has faced severe economic instability, with its oil production significantly declining from a peak of 3.5 million barrels per day (mbd) in the late 1990s to approximately 1.1 million bpd as of March 2026. Key Production & Exports

: Aging infrastructure remains a major bottleneck, with less than 30% of oil wells currently active and frequent reports of oil spills. Venezuela Oil Sector: Context for Recent Developments venezuela

: China has become the largest buyer of Venezuelan crude. Recently, India has also ramped up imports to a 6-year high due to supply disruptions elsewhere. Venezuela is a South American nation renowned for