WASHINGTON, November 29, 2023 — Venezuela’s oil production has plummeted to levels not seen in decades, currently producing 860,000 barrels per day in November, a figure that underscores the nation’s economic crisis and its continued reliance on this vital resource.
A Shrinking Reservoir of Power
The decline in Venezuelan oil output has significant implications for both the country’s internal stability and its geopolitical relationships.
- Venezuela’s crude oil production in November reached 860,000 barrels per day, less than 1% of global supply.
- This represents a substantial decrease from September’s average of one million barrels per day.
- Current production is four times lower than the peak of 3.5 million barrels per day achieved in 1997.
- Both the Trump administration’s efforts against drug trafficking and the Maduro government utilize interventions off the Venezuelan coast for strategic communication.
The situation is stark. According to the International Energy Agency (IEA), Venezuela’s November output represents less than 1% of global supply. This is a significant drop from the one million barrels per day the country averaged in September. More dramatically, it’s a fourfold decrease from the peak production of 3.5 million barrels per day in 1997.
The struggles of Venezuela’s oil industry are a central point in the ongoing geopolitical maneuvering surrounding the nation. The American interventions off the coast of Venezuela, whether framed as a war against drug trafficking by the Trump administration or attempts to control Venezuelan wealth and change the regime by the Maduro government, are leveraged by both sides in their respective narratives.
What is driving Venezuela’s oil production decline? A combination of factors, including underinvestment, mismanagement, and U.S. sanctions, have contributed to the industry’s deterioration.
Despite the collapse in production, oil remains Venezuela’s primary asset, and its dwindling reserves continue to attract attention. The Maduro regime faces challenges in concealing the severity of the crisis facing its oil industry, a sector once the cornerstone of the nation’s economy.
