Venezuela's Oil Crisis: Running Out of Storage
Update: 2025-12-18
Description
Venezuelas oil industry faces a critical situation due to a U.S. tanker blockade, causing a rapid depletion of storage space. Eleven million barrels of Venezuelan crude oil are stranded at sea, leading to a significant cut in oil output. The countrys oil production has already decreased, with estimates of eight hundred sixty thousand barrels per day in November. Further declines are anticipated due to additional U.S. actions in Caribbean waters, potentially resulting in a loss of up to five hundred thousand barrels per day. This situation could have a significant impact on Venezuelas struggling economy.
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