Oil field
Venezuela. World's largest oil reserves (~300 bn bbl of extra-heavy crude).
Updated September 2, 2026 · View on the live map →
Venezuela. World's largest oil reserves (~300 bn bbl of extra-heavy crude). Venezuela's output fell from ~3 million bpd (late 1990s) to under 1 million bpd, due to underinvestment, mismanagement and US sanctions.
Venezuela holds the world's largest proven reserves but produces a fraction of its potential. US sanctions (2017–19) cut PDVSA off from US markets and diluent supplies; China became the main buyer through intermediaries. Chevron's US Treasury license has been granted, restricted and modified repeatedly as Washington's Venezuela policy changed. Any lasting political change in Caracas could reopen one of the few places able to add large volumes of heavy crude.
Chevron said it will invest $7 billion over five years to raise Venezuelan production to about 600,000 b/d, taking on Carabobo 1 and Carabobo-2-South-A in the Orinoco Belt. It follows a 28 August US deal granting a private venture (NABEP) 100-year concessions over 17 fields. Analysts say meaningful new barrels are years away.