: The backbone of the economy, accounting for over 53% of export revenues in recent years. While production plummeted due to mismanagement and U.S. sanctions, it has seen a recent uptick following shifts in the political landscape and selective sanctions relief.
: China has become the largest buyer of Venezuelan crude. Recently, India has also ramped up imports to a 6-year high due to supply disruptions elsewhere. venezuela
: Estimates for late 2025 placed inflation between 20% and 30% monthly in the capital, with approximately 80% of residents living in poverty . : The backbone of the economy, accounting for
: Venezuela is rich in other natural resources, including iron ore, bauxite (for aluminum), gold, nickel, and diamonds . : China has become the largest buyer of Venezuelan crude
: Key industrial outputs include steel, aluminum, textiles, and processed foods , though many sectors have struggled with a lack of investment. Recent Economic Trends (2025–2026)
Venezuela is a South American nation renowned for having the , estimated at roughly 303 billion barrels —nearly 20% of the global total. Despite this immense wealth, the country has faced severe economic instability, with its oil production significantly declining from a peak of 3.5 million barrels per day (mbd) in the late 1990s to approximately 1.1 million bpd as of March 2026. Key Production & Exports
: Aging infrastructure remains a major bottleneck, with less than 30% of oil wells currently active and frequent reports of oil spills. Venezuela Oil Sector: Context for Recent Developments
