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Venezuela’s oil production has fallen by 70% over the past two decades

Energy Insights / Charts & Analysis / Venezuela’s oil production has fallen by 70% over the past two decades

Venezuela’s oil production has fallen by 70% over the past two decades from 3.1 mb/d in 2005 to 0.9 mb/d in 2024. Over the five-year period from 2020 to 2024, Venezuela completed only 190 new oil wells. By comparison, the country completed 1,560 in 2007 alone. The number of active rigs in the country has fallen from a high of 221 in 2014 to 3 in 2024.