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flag Venezuela’s oil output fell to 921,000 bpd by 2024, worsening economic woes and prompting global power competition.

flag Venezuela’s oil output has dropped to 921,000 barrels per day by 2024, crippling state revenues and increasing reliance on foreign partners. flag The U.S. continues restricting Venezuela’s oil sector to limit Chinese and Russian influence, while permitting limited Chevron operations under political conditions. flag China secured a $1 billion, 20-year deal to boost production, and Russia has expanded defense and diplomatic ties, deepening a strategic alliance. flag Iran and other nations are part of a growing "southern arc" of cooperation. flag President Maduro emphasizes civilian militia-based resistance, framing the country’s survival as a test of multipolarity against U.S. dominance.

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