Venezuela’s Broken Oil Industry and Trump’s Plan to Rebuild It After Maduro’s Ouster
General view of the “El Palito” refinery building in Puerto Cabello, Venezuela, on Dec. 18, 2025. Jesus Vargas/Getty Images Venezuela holds the world’s largest proven oil reserves, yet its petroleum industry—once among the most productive on earth—has been reduced to a fraction of its former capacity after years of mismanagement, underinvestment, and international sanctions. The