Less than 30 % of Venezuela’s oil wells are currently operating, a trade group said on Monday, leaving national output at roughly one million barrels per day. The figure contrasts sharply with the three million barrels per day produced two decades ago. The Venezuelan Petroleum Chamber (CPV) reported that only 8,491 of the country’s 30,722 crude‑oil wells are active.
Despite possessing the world’s largest proven crude reserves, Venezuela’s production has collapsed under years of corruption, underinvestment, mismanagement and U.S. sanctions. The downturn was highlighted at the Venezuela Energetica 2026 forum in Caracas, which was attended by United States charge d’affaires John Barrett and other officials.
Barrett said the private sector, particularly U.S. companies, will be “the engine of Venezuela’s transformation into a global energy hub.” CPV president Enrique Novoa urged Washington to lift all sanctions, describing the move as “what the Venezuelan people deserve as a society.” Novoa added that multinational firms such as Chevron and Spain’s Repsol are advancing projects in the country.
Interim President Delcy Rodríguez, under intense pressure from the United States, has already approved reforms to the hydrocarbons and mining laws, opening the sector to both foreign and domestic private investors. Jovanny Martinez, executive vice president of state oil company PDVSA, said that more than 3,464 wells have been re‑activated since the reforms began. Industry officials aim to raise average production to 1.3 million barrels per day by the end of 2026.
The forum underscored the strategic importance of Venezuela’s oil sector for regional energy security and the global market. Continued sanction relief and sustained investment will be critical to achieving the production targets set by the government and its partners.
