Venezuela's Oil Reserves Pose Both Allure and Deterrence for Energy Giants
ByAinvest
Thursday, Mar 26, 2026 3:01 am ET1min read
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Venezuela has the largest known oil reserves in the world, but underinvestment, lack of maintenance, and US sanctions have hampered oil production. Despite President Trump's administration pushing for US investment, energy giants are cautious due to outdated infrastructure. Chevron's CEO says "tens of billions of dollars" are needed to increase production to pre-peak levels, while ExxonMobil's CEO has dismissed Venezuela as "uninvestable."
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