Venezuela Earthquakes Leave 6,300 Dead Amid Oil Sector Expansion

Venezuela is struggling to recover from twin earthquakes that struck on June 24, causing significant damage and loss of life. The death toll has risen to approximately 6,300, with many more people missing.

The World Bank estimated the direct physical damage at $19.6 billion, with residential property accounting for the largest share followed by infrastructure and non-residential buildings. Reconstruction costs could be substantially higher as Venezuela replaces destroyed buildings and repairs damaged electricity, water, transportation, and public-service networks.

Despite the challenges, Caracas' oil sector has continued to expand, with crude and fuel exports averaging approximately 1.16 million barrels per day in July. Shipments to US refiners reached their highest level since early 2019, while exports to India declined.