Venezuela Oil Crisis: Decline, Reserves, U.S. Deal

Since the mid‑2010s Venezuela’s daily oil output has slid from roughly 2.7 million barrels to a 2020 low of 569 k barrels, only modestly rebounding to about 1.5 million barrels in 2024. The slump coincided with a 30 % contraction in GDP in 2020, though growth has recovered to 4 % in 2023. Despite the decline, the country still holds the world’s largest recoverable reserves at 303.01 billion barrels, surpassing Saudi Arabia (267.23 b), Iran (208.6 b) and Canada (163 b). Trump’s administration announced a 30‑50 million‑barrel sale to the U.S., easing sanctions to enable shipping. Prices have hovered near $60 per barrel, and Venezuela’s main buyer remains China, with the U.S. purchasing about 23 % of its output in 2023.