Venezuela Oil: Reserves, Production, Companies and Price (2026 Guide)
Venezuela has the largest declared oil reserves on Earth, but it produces a fraction of what they could support. OPEC’s 2026 yearbook puts proven reserves at 303.7 billion barrels (19.3% of the world total, ahead of Saudi Arabia’s 267.2 billion). Output was about 1.15 million barrels a day in September 2026 (OPEC secondary sources; the government reports 1.206 million), against roughly 3.4 million in 1998. This guide gathers the current numbers and points to the page that goes deeper on each topic.
Venezuela oil at a glance
| Item | Figure | Date and source | More |
|---|---|---|---|
| Proven reserves | 303.7 billion barrels | end-2025, OPEC | How much oil does Venezuela have? |
| Production | 1.15 million b/d (government: 1.206 million) | September 2026, OPEC | How much oil does Venezuela produce? |
| 2025 average output | 1.081 million b/d | OPEC | same |
| U.S. imports of Venezuelan crude | 655,000 b/d in August (701,000 in July, highest since 2017) | EIA, Oct. 30, 2026 | U.S. imports, August 2026 |
| Exports in October | 1.08 million b/d all products (Reuters); 809,000 b/d crude only (Bloomberg Línea) | November 2026 | October exports |
| Investment to reach 3 million b/d | $183 billion over 2026–2040 | Rystad, January 2026 | Venezuela oil investment |
The two October export figures use different scopes (all products versus crude only); no source explains the whole gap, but both show shipments to the U.S. fell.
Where is Venezuela’s oil, and what kind is it?
Most of it is in the Orinoco Belt, extra-heavy crude that needs diluent or upgraders to flow; the other main region is the Lake Maracaibo basin. The export grade is Merey 16, a heavy blend.
Who produces it?
All oil belongs to the state: PDVSA produces alone or with partners, and the private players include Chevron, Repsol, Eni, Maurel & Prom and NABEP, the company in the U.S. deal that the White House says received concessions over 17 fields with about 65 billion barrels (no independent verification, per CBS News).
- PDVSA explained
- Oil companies in Venezuela
- Chevron in Venezuela
- Who owns CITGO?
- The U.S.–Venezuela oil deal: NABEP, Pentagon stake, terms
- Venezuela oil stocks and companies with exposure
Sanctions, debt and the U.S. market
- Venezuela sanctions: what is still prohibited and what licenses allow
- Venezuela debt restructuring
- Where is Venezuela’s oil money? Qatar, Treasury and what is known
- Will Venezuelan oil lower U.S. gas prices?
History and gas
What is still unknown
- How much of the reserves is profitable. OPEC reports what each country declares; Rystad’s estimate of about 29 billion economically recoverable barrels comes from one consultancy.
- The contracts behind the U.S. deal have not been published, and the 65 billion barrels has no independent verification.
- Whether output keeps rising. October shipments fell while declared production rose; the gap between pumping and selling is not fully explained.
This page is updated when OPEC (around the 11th–13th of each month) and the EIA publish new data. In Spanish: Petróleo de Venezuela.