What to know about venezuelan energy the south american country increasingly at odds with the trump administration has the world’s largest oil reserves. Venezuela holds the world's largest proven oil reserves, more than five times more than the united states. The logo at citgo petroleum's headquarters in houston, texas (afp) yet, it produces and sells only about 1% of the crude the world is using.president donald trump's recent threats against the venezuelan government and his administration. Venezuela’s crude oil production in september declined from the recent high of 790,000 b/d in july 2023 Shortages of diluent, which is necessary to process venezuela’s heavy oil, reduced output
The lifting of sanctions will allow for increased diluent imports, which could boost production slightly. In a recent speech, venezuela’s executive vice president delcy rodríguez declared that the country’s energy resources—including its vast oil and gas reserves—belong to the venezuelan people and must be used for national development and fair international cooperation. Venezuela’s oil production exceeded one million barrels per day (bpd) in january 2025, marking a key milestone for its struggling energy sector.
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