Venezuela has long struggled to revive crude oil production, the backbone of its economy, after a collapse in the 2010s predominantly driven by the imposition of US sanctions. Output fell to just 0.5mmbpd in 2020, far below the 3mmbpd seen pre-2010. Production gradually recovered YoY, reaching 0.9mmbpd in 2025 as US sanctions eased. Still, the ...
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