The Journal. Was Maduro's Capture About Oil?
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Jan 5, 2026 
Collin Eaton, an energy reporter for The Wall Street Journal, dives into the implications of Nicolás Maduro's capture for Venezuela's oil sector. He discusses the vast yet troubled oil reserves and how mismanagement has hindered production. Eaton explains how U.S. sanctions have affected exports and the cautious reactions of oil giants like Chevron and ConocoPhillips amid political instability. Despite a potential path for U.S. companies to re-enter the market, Eaton highlights significant technical and market barriers, painting a complex picture of investment risks.
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Huge Reserves, Low Production
- Venezuela holds massive estimated oil reserves but much of it is currently unextracted due to degraded capacity.
- Collin Eaton emphasizes reserves are illusory without functioning infrastructure and investment.
Chávez's Nationalization Shifted The Industry
- Hugo Chávez nationalized oil assets in 2006–2007, pushing out majors like Exxon and ConocoPhillips.
- That action began a long decline in Venezuela's oil quality and production capacity.
State Control Shrank Output
- Most Venezuelan oil production now comes from state-run PDVSA after nationalizations in the 2000s.
- Current output is about 900,000 barrels per day, roughly 1% of global production.