January 13, 2026–Written by John Egan for IIR News Intelligence (Sugar Land, Texas)–Executives from the American Petroleum Institute (API) spend almost half of their 60-minute media briefing Monday discussing Venezuela.
“Venezuela is the biggest oil story in the world,” said API Chief Executive Officer Mike Sommers. He noted that Venezuelan oil reserves have been estimated at about 300 billion barrels, the world’s largest, but cautioned that “reserves don’t equal production.”
