Venezuela possesses the world's most extensive oil reserves, surpassing nations like Saudi Arabia and Russia with over 300 billion barrels. Despite this immense natural wealth, the country's daily production has plummeted to approximately one million barrels as of 2025. This decline follows decades of economic mismanagement, political instability, and international interference. The nation's energy sector recently faced further disruption following the removal and subsequent extradition of long-term leader Nicolas Maduro to the United States. As global energy firms re-evaluate the country's capacity to function as a major exporter, Venezuela's trajectory remains a significant example of how political volatility and hubris can undermine resource-based economic potential. The transition from the industry's peak during the mid-twentieth century to its current state highlights the complex intersection of global energy politics and domestic governance.
Source : The National
Photo : The National
