Venezuela and Chevron Sign Agreements to Expand Oil Production in Orinoco Oil Belt
Here's what it means for you.
Increased oil production in Venezuela could stabilize global oil prices, impacting energy costs for businesses worldwide.
What happened
On April 13, 2026, Venezuela's government and Chevron Corporation signed agreements to expand oil production in the Orinoco Oil Belt.
The Context
- Venezuela's oil reserves: The country holds the world's largest proven oil reserves, estimated at 303 billion barrels, primarily in the Orinoco Oil Belt.
- Sector decline: Oil output plummeted from over 3 million barrels per day in the early 2000s to under 1 million by 2025 due to mismanagement and U.S. sanctions.
- Recent changes: Following the capture of Nicolás Maduro in January 2026, new petroleum law reforms and U.S. sanctions relief have opened the door for foreign investment.
The Number
barrels per day produced by Chevron-PDVSA joint ventures in the Orinoco Belt, representing approximately one-fourth of Venezuela's total oil output.
Takeaway
As Chevron expands its operations, expect a gradual increase in Venezuelan oil supply, which may influence global oil market dynamics.
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