Venezuela’s oil industry, once the backbone of its economy, is now at a critical turning point. Decades of mismanagement, corruption, and political instability have led to a dramatic decline in production, down from a peak of 3.5 million barrels per day to less than 1 million. Although Venezuela possesses the largest oil reserves in the world, the industry faces significant challenges, including aging infrastructure, lack of investment, and U.S. sanctions.

Recently, however, there have been signs of a potential recovery. The government has sought to attract foreign investment and revive joint ventures with international companies. Additionally, rising global oil prices could provide much-needed revenue to stabilize the economy. Yet, for any meaningful recovery to occur, structural reforms and political stability are essential. As Venezuela navigates this pivotal moment, the future of its oil industry will be crucial not only for its economy but also for the geopolitical landscape of the region.

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