17:35 - 21.01.2026

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January 21, Fineko/abc.az. In January 2026, Venezuela lowered oil supplies to the international market from 880,000 to 300,000 b/d because of the U.S. naval blockade, which led to a reduction in production in the country to 870,000 b/d. Stocks in Caracas continue to grow.

ABC.AZ informs that last year, the average production was 950,000 b/d, exports were 780,000 b/d, while 25% of supplies went to the U.S. After the 2018 sanctions, Venezuela sent nearly  80% of its oil to China.

The IEA notes that the future fate of the industry remains uncertain, and restoring production to a historic 3.5 million bpd will require political decisions and investments.