HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 16.Jan.2026, Words: 1,448) — Venezuela, with its large conventional and unconventional crude oil reserve base, was a founding member of the Organization of Petroleum Exporting Countries (OPEC). And today, Venezuela is the lone country in the Latin America and Caribbean (LAC) region to belong to the coveted cartel.
To no surprise, Venezuela, during its recent heyday, ranked as one the world’s largest oil producers and was consistently among the top 5 oil exporters to the US.
