Venezuela: Key Industries

Petroleum has long dominated Venezuela's economy, and the country holds the world's largest proven crude oil reserves, estimated at roughly 300 billion barrels. Output collapsed from a peak of nearly 3.5 million barrels per day in the late 1990s to a fraction of that level amid mismanagement at the state oil company, Petroleos de Venezuela (PDVSA), and years of United States sanctions. As of mid-2026, production had recovered to roughly 1.1 to 1.2 million barrels per day, still far below historical highs, following a series of U.S. licenses that allowed international operators to resume activity in the sector.

The oil sector's trajectory shifted further after Venezuelan President Nicolas Maduro was captured by United States forces in January 2026 and taken to the United States to face criminal charges; Vice President Delcy Rodriguez was sworn in as acting president shortly afterward. In the following months, Venezuela's government enacted a new hydrocarbons law opening oil production to greater private and foreign participation. In August 2026, the Venezuelan and U.S. governments announced an agreement granting a venture called North American Blue Energy Partners a 100-year concession over 17 oil fields holding an estimated 65 billion barrels of reserves, with the U.S. government taking an equity stake and purchase rights in the arrangement.

Outside the oil sector, Venezuela's economy has struggled with a long period of contraction. Mining of gold, iron ore, coal, and bauxite remains underdeveloped relative to the country's mineral wealth, hampered by years of underinvestment and, in gold's case, extensive informal and illegal extraction. Agriculture, including sugarcane, corn, rice, and bananas, and manufacturing sectors such as steel, aluminum, and automobile assembly have likewise contracted sharply since the 2010s, leaving Venezuela dependent on food imports and petroleum revenue even as officials and international partners describe the new oil agreements as a foundation for broader economic recovery.