AEC Supports Venezuela’s Economic Recovery as the U.S. Seeks Up To 50 million Barrels of Oil

The African Energy Chamber (AEC) has expressed support for Venezuela’s oil recovery efforts following the detention of President Nicolás Maduro by United States authorities, emphasising that political and institutional stability is vital to restoring investor confidence and promoting sustainable growth in the country’s energy sector.

The announcement comes as former U.S. President Donald Trump stated on Tuesday that Venezuela would transfer between 30 million and 50 million barrels of oil to the United States, to be sold at prevailing market prices, with proceeds managed by the U.S. government. Trump said the revenue would be used “to benefit the people of Venezuela and the United States.”

Venezuela entered 2026 amid heightened uncertainty after U.S. forces detained Maduro and his wife, Cilia Flores, transferring them to the United States to face federal charges. Maduro appeared before a U.S. court, where longstanding allegations—including narco-terrorism conspiracy and cocaine trafficking—were revived. He has denied the charges.

Following his detention, Venezuela’s Supreme Court confirmed that Vice President Delcy Rodríguez had assumed office as Acting President to ensure institutional continuity. These developments have intensified attention on the future of Venezuela’s economy and its oil-dependent energy sector, even as the U.S. assumed operational control of the transferred oil.

In response, the AEC highlighted stability as the most crucial factor for the country’s development. The chamber noted that Venezuela possesses the largest proven oil reserves in the world—a resource capable of transforming the nation’s economy, rebuilding infrastructure, and restoring energy security. Achieving this potential, the AEC stated, depends on predictable governance, responsible management of resources, and the creation of investment-friendly frameworks.

The AEC urged the energy industry and international partners to provide support to Acting President Rodríguez, calling for unity, continuity, and a development agenda led by Venezuela. “This is the time to continue encouraging investment in Venezuela. We call on African states, leaders, and the Global South to support the acting president and Venezuelan citizens as they determine their future and exercise sovereignty,” said NJ Ayuk, Executive Chairman of the AEC.

The chamber noted its ongoing working relationship with Rodríguez, who also serves as the country’s oil minister, highlighting her commitment to fostering Africa’s use of energy resources to drive socio-economic development. Under her leadership, Venezuela’s state-owned oil company, Petróleos de Venezuela S.A. (PDVSA), has developed strong ties with African nations, ensuring the Global South benefits from multilateral energy engagement.

Venezuela remains a key player in global energy discussions. As a founding member of OPEC, the country has historically supported the inclusion of African producers in the organisation and serves as an honorary member of the African Petroleum Producers’ Organisation.

Oil continues to underpin Venezuela’s economy, accounting for nearly 90 per cent of export revenues, over half of government income, and 17–20 per cent of GDP. With around 303 billion barrels of proven oil reserves—approximately 17 per cent of global reserves—the AEC noted that stable governance, regulatory clarity, and sustained investment of roughly $10 billion annually could enable production to reach 2.5 million barrels per day over the next decade.

“Production realities show both the challenges and opportunities ahead,” the AEC said. “After falling to around 300,000 bpd in 2020, output has recovered to 900,000–1.1 million bpd in early 2026. While still below the historical peak of 3.4 million bpd in the late 1990s, this demonstrates that Venezuela’s oil industry is not irreparably damaged. Achieving peak production will require cumulative investment of $80–100 billion.”

The chamber emphasised the strategic importance of the Orinoco Heavy Oil Belt, which spans approximately 55,000 km² and contains nearly 90 per cent of Venezuela’s reserves. Key blocks such as Petropiar, Ayacucho, and the Zuata Complex drive current output, though the extra-heavy crude demands access to diluents, upgraded processing facilities, and modern technology.

Ayuk concluded, “Venezuela sits atop extraordinary natural wealth. Experience from Africa shows that when stability is prioritised and the energy sector operates responsibly, hydrocarbons can be a catalyst for recovery, unity, and long-term development.”