The Turmoil and Triumphs of Venezuela's Vast Oil Reserves

Venezuela, led by President Nicolas Maduro, has the world's largest oil reserves but struggles with reduced production due to mismanagement and sanctions. Potential regime changes and geopolitical dynamics, particularly involving the U.S., China, and Russia, play crucial roles in shaping the country's oil industry future.

Venezuela's substantial oil reserves, the largest globally, remain underutilized as the country's production struggles due to mismanagement and international sanctions. Official data reveals a production drop from 3.5 million barrels per day in the 1970s to an average of just 1.1 million barrels in recent years.

If regime change leads to lifted sanctions and increased foreign investment, Venezuela may witness a resurgence in its oil exports, analysts predict. However, experts suggest that history, with cases like Libya and Iraq, shows that quick stabilization of oil supply post-regime change is unlikely.

International interplay is crucial, with American interest pronounced after President Trump's remarks on Fox News about the U.S.'s intended involvement in Venezuela's oil sector, while China remains a key creditor and importer of Venezuelan oil. Russia's financial loans further complicate the geopolitical energy landscape.

(With inputs from agencies.)