U.S. hits Venezuela’s lifeblood

The U.S. seizure of an oil tanker, and its threat to intercept others, marks a major escalation in President Trump’s effort to pressure Nicolás Maduro by cutting off Venezuela’s vital oil revenue

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1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
2020
2023
2025

VENEZUELA’S OIL PRODUCTION
(Millions of barrels per day)

Aug 2017: Trump issues sanctions targeting Venezuela’s state oil company PDVSA

Jan 2019
Sanctions tightened

Nov 2022
President Biden allows Chevron to resume oil production in Venezuela

Dec 1998: Hugo Chávez elected president

2002-03: Political unrest and oil strike disrupt production

Mar 2013: Maduro replaces Chávez

Refineries
Pipelines and oil fields
VENEZUELA
GUYANA
COLOMBIA
BRAZIL
TRINIDAD & TOBAGO
CARIBBEAN SEA
Puerto José
Puerto La Cruz
El Palito
San Roque
Bajo Grande
Amuay
Maracaibo oil fields
Orinoco Belt
Caracas
125 miles
200km

Thanks to extra-heavy oil in Orinoco Belt, Venezuela holds world’s largest petroleum reserves

WORLD OIL RESERVES
(Billions of barrels)
Venezuela
303
Iran
209
Canada
164
Iraq
145
Saudi Arabia
267
Rest of world
669

Sources: Bloomberg, Oil & Gas Journal, OPEC, EIA, Stratfor
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