Commodities
US Seizes Control of Venezuela's Oil Reserves
Venezuela's vast oil reserves have been a source of both promise and turmoil for decades.
The country has the world's largest oil reserves, surpassing Saudi Arabia, Russia, and Iran, with over 300 billion barrels in reserve. Despite this, Venezuela produced just over 1 million barrels per day (bpd) in 2025.
The country's rise and decline as an oil producer serves as a cautionary tale of politics and hubris.
In the 1960s, Venezuela was in a golden age of oil production, with output peaking at 3.7 million bpd. However, years after the oil was discovered, the Venezuelan government limited production to conserve its reserves and prevent exhaustion of existing fields.