Venezuela has about 303 billion barrels of crude oil reserves, the largest total of any country in the world. However, its oil if ultra heavy crude which is dense requiring heating, dilution and upgrading so it can be refined. According to reports, Venezuela’s oil fields are not in good shape at all and modernizing it will cost about $10 billion and might take two years. Current Production: As of early 2026, Venezuela produces roughly 1 million barrels per day (bpd). While this is a slight recovery from a 2020 low of 350,000 bpd, it is far below its 1990s peak of 3.5 million bpd. Venezuela was a founding member of the Organization of the Petroleum Exporting Countries (OPEC) with Iran, Iraq, Kuwait and Saudi Arabia, Venezuela and was producing as much as 3.5 million barrels per day in the 1970s, which at the time represented over 7% of global oil output. The United States was the main buyer of Venezuelan oil but China has become the main destination in the last decade.
Jeffrey Newman is a whistleblower lawyer whose law firm represents whistleblowers revealing violations of export controls, tariff evasions, money laundering, healthcare fraud and other kinds of WB cases. The firm represents individuals both in the United States and other countries. Mr. Newman and his firm staff also represent physicians and other healthcare providers who become whistleblowers in healthcare fraud cases. Whistleblower laws in the U.S. allow individuals anywhere with information about export control violations or tariff fraud to reveal the information under The False Claims act or through the Securities and Exchange Commission’s Whistleblower Program. The Firm’s website is at www.JeffNewmanLaw.com and attorney Newman can be reached at Jeff@Jeffnewmanlaw.com or at 978-880-4758
