Overview
- Oil futures reopen Sunday evening and OPEC/OPEC+ ministers have a teleconference planned to assess whether supply policy needs adjustment.
- Venezuela holds about 303 billion barrels of proven reserves but currently produces roughly 1.0–1.14 million barrels per day, far below historical levels.
- President Donald Trump said U.S. companies will invest billions to repair and operate Venezuela’s damaged petroleum infrastructure during a transition.
- Much of Venezuela’s output is heavy, acidic crude suited to U.S. Gulf Coast refineries, and recent sanctions plus a tanker blockade have limited exports.
- PDVSA’s network has severely deteriorated, with estimates such as a $58 billion investment need to restore capacity, while analysts see near-term volatility but not a runaway price spike.