EasyBusinessJanuary 4, 2026

Venezuela’s Oil Today: Reserves, Production, and Recent Events

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Key Vocabulary

reserves /rɪˈzɜːrvz/

Meaning: Oil that is known to exist and can be produced.

Example: The country has large oil reserves.

crude /kruːd/

Meaning: Unrefined oil from the ground.

Example: Refineries turn crude into petrol.

sanctions /ˈsæŋkʃənz/

Meaning: Punishments like trade limits that affect a country.

Example: Sanctions made exports harder.

🎧 Listening

Venezuela’s Oil Today: Reserves, Production, and Recent Events

Venezuela has the world’s largest proven oil reserves. It has about 303 billion barrels of oil, mostly heavy crude in the Orinoco Belt. PDVSA is the state oil company that manages the fields and sales.

The country now produces about one million barrels a day. Production fell from higher levels in earlier decades because of mismanagement, lack of investment, and international sanctions. In early January 2026, U.S. forces carried out strikes and captured President Nicolás Maduro. People inside Venezuela and abroad reacted with concern.

84 words

❓ Quiz

Q1. How many barrels of oil does the article say Venezuela has?

Q2. What is the name of Venezuela's state oil company?

Q3. When did U.S. forces carry out strikes and capture President Nicolás Maduro?

📖 Reading Practice

Read the article from the Listening section aloud. Your AI teacher will give you pronunciation feedback.

💬 Discussion

Do you use petrol or diesel every day? How does fuel affect your life?

Have you ever seen a news story about a foreign country’s natural resources? What did you notice?

What do you think when you hear that a country has a lot of oil? Is it always good for people?