USA attacked Venezuela: How much oil does Venezuela really have?
The US military captured President Maduro in a surprise 2026 raid. Washington now aims to tap Venezuela’s 303 billion barrels of oil, the world's largest reserves, to stabilise the nation.
US captures Nicolas Maduro
The US military launched "Operation Absolute Resolve" on 3 January, 2026, to capture President Nicolas Maduro. The raid involved over 150 aircraft and targeted military installations in the capital city of Caracas.
World's largest oil reserves
Venezuela holds the world's largest proven oil reserves, estimated at approximately 303 billion barrels. This massive wealth accounts for nearly 17 per cent of the entire global oil supply.
Surpassing Saudi Arabia
Venezuela's oil deposits are larger than those of Saudi Arabia, which holds around 297 billion barrels. Most of this wealth is located in the Orinoco Belt, containing heavy and extra-heavy crude.
Crumbling infrastructure
Despite its vast reserves, Venezuela's oil production has collapsed to around 1.1 million barrels per day. Years of mismanagement, underinvestment, and sanctions have left the industry in a state of decay.
Trump's plan for oil
President Trump stated the US will help fix Venezuela's broken infrastructure to start making money for the country. He noted that US oil companies would spend billions of dollars to modernise the energy sector.
Impact on global markets
Oil prices are expected to rise as investors reassess risks following the military action in South America. Analysts suggest a U.S.-led overhaul could eventually stabilise global supplies in the long term.
History of production
In the 1970s, Venezuela produced 3.5 million barrels per day, representing over 7 per cent of global output. Production recently fell to just 1 per cent of global supply due to the ongoing economic crisis.
Transition and recovery
The recovery depends on political stability and the return of major foreign investment to the fields.
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