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 long-running gap between Venezuela’s vast oil wealth and its collapsing production has taken on new urgency after President Donald Trump announced on Jan. 3 that U.S. forces captured Venezuelan President Nicolás Maduro and that Washington would temporarily run the country while U.S. oil companies move in to rebuild its failing energy infrastructure.
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Original News Source Link – Epoch Times
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