# Venezuela Energy Profile — Complete Reference

**URL:** https://thecodex.expert/energy/countries/venezuela/
**Session:** 32 | **Date:** 2026-07-09

## Summary

Venezuela holds the world's largest proven oil reserves (~303.8 billion barrels, 17.5% global, Energy Institute), over 90% of it extra-heavy Orinoco Belt crude. Production collapsed from ~3.5M bbl/day in the 1970s to ~900,000-1,000,000 bbl/day in 2024 (21st globally) due to decades of PDVSA underinvestment/politicisation and comprehensive US sanctions from 2019. Guri Dam (10,235 MW) supplies ~73% of national electricity. Paraguana Refining Complex (956,000 bbl/day nameplate) was once world's #2 refinery, now running at an estimated 20-30% of capacity. On 3 January 2026, US forces captured President Nicolas Maduro in a military operation condemned by the UN and many governments as violating international law; VP Delcy Rodriguez became acting president. The US began easing oil-sector sanctions from late January 2026, authorising international oil majors to resume operations by mid-February 2026. Situation remains fluid as of mid-2026. Sources: Energy Institute Statistical Review 2024, US EIA, Congressional Research Service, Reuters, Wikipedia.