Venezuela is believed to have one of the world’s largest reserves of oil but it produces very little oil because of mismanagement, corruption and U.S. sanctions.
Supporters of Venezuela’s government rally to demand the release of ousted President Nicolas Maduro and his wife Cilia Flores, in Caracas, Venezuela, in January.
Prime Minister Narendra Modi of India at the Group of 7 summit in Evian-les-Bains, France, in June. In the past year, Mr. Modi has paid official visits to at least 20 countries.
The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.
An oil refinery in Punto Fijo, Venezuela, in 2021. Venezuela’s president, Delcy Rodríguez, said a U.S. oil deal would have a “significant impact on our nation’s revival.”
A Chevron-chartered oil tanker was anchored near Maracaibo, Venezuela, in February. Chevron is the only U.S. oil company with a major footprint in the country.
Oil companies and governments are consuming their once vast stockpiles as Iran and the United States continue to struggle for control over the Strait of Hormuz.
Our energy reporter Rebecca F. Elliott explains how oil reserves helped prevent an oil shock caused by the war in Iran from getting even worse — and how low those reserves are now.
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