Hugo Chavez to Donald Trump: Venezuela’s tumultuous oil history

Venezuela’s vast oil reserves once promised enduring power and prosperity, but decades of political upheaval, mismanagement and foreign intervention have turned them into the centrepiece of a global energy contest. The Latin American country has the world’s largest oil reserves, outstripping Saudi Arabia, Russia and Iran. However, despite having more than 300 billion barrels in reserves, Venezuela produced just over 1 million barrels per day (bpd) in 2025. This year, Caracas found itself in the centre of global oil politics after Nicolas Maduro, who ruled Venezuela for 12 years, was deposed and extradited to the US. Now, the world’s largest…