January 7, 2026–Written by Daniel Graeber for IIR Energy (Sugar Land, Texas)–It’s possible the Venezuelan oil sector will return to its previous glory from the mid-1970s, but it will require substantial investments and decades-long commitments, analysis from IIR Energy found.
Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC) and sits on top of the largest oil reserves in the world. Oil production peaked in the 1970s at 3.7 million barrels per day (BBL/d), though secondary sources reporting to OPEC economists put production at 934,000 BBL/d in November.
