09/06/2026
Venezuela’s charts all tell the same story: a resource base that could lift living standards, but only if upstream capex finally returns to scale.
Venezuela’s oil output has spent a decade in structural decline; falling from ~2.5–3.0 mn b/d to barely ~0.8 mn b/d before its recent rebound. Across every dataset (IEA, OPEC, WoodMac, baml, etc.), the collapse tracks one variable: a multi‑year capex drought. Upstream investment fell from ~$10–12B/yr in the 2000s to near-zero in the late 2010s, starving fields, pipelines, and upgrader capacity.
📰Chevron expands Venezuela presence with $7 billion plan to double oil output in five years
https://x.com/mohossain/status/2096607521754509561?s=46