The production in Venezuela's richest oil resource area has declined, with the Orinoco Belt dropping sharply by 25% in two weeks

Under the backdrop of the U.S. Navy's export restrictions in the Caribbean and the threat of potential ground strikes further pressuring the Maduro regime, production in Venezuela's richest oil resource area is declining. According to internal data from Petróleos de Venezuela (PDVSA), crude oil production in the Orinoco Belt fell to 498,131 barrels per day on December 29, a decline of about 25% compared to two weeks ago. Due to insufficient storage space and export speeds not keeping up, PDVSA has begun shutting down wells in some oil fields. The Orinoco Belt primarily produces extra-heavy and heavy crude oil, traditionally accounting for nearly two-thirds of Venezuela's total crude oil production. Recently, U.S. pressure on Venezuela has escalated. The U.S. accuses Maduro of leading a foreign terrorist organization that fosters drug trafficking. Since December 10, 2025, the U.S. has intercepted vessels related to Venezuela at least three times in nearby waters, claiming to seize the crude oil on board. In recent weeks, the Trump administration has intervened in the country's crude oil transportation by boarding and inspecting tankers attempting to enter Venezuelan ports. This move aims to deliver a significant financial blow to Venezuela, as over 95% of the country's fiscal revenue relies on oil exports. On the 16th, Trump ordered a blockade on all sanctioned tankers entering and exiting Venezuela, even stating that oil intercepted from Venezuela could be considered U.S. assets. Last week, Trump announced that the U.S. had conducted a ground strike on a facility within Venezuela, marking a significant escalation from the U.S. side. The operation was carried out by a CIA drone, targeting a dock facility along the Venezuelan coast. According to CCTV News, on December 31, 2025, local time, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a statement announcing sanctions against four companies operating in Venezuela's oil sector and listed four related tankers as frozen assets. According to CCTV News, at least two tankers have arrived in Venezuela in recent days, with other tankers also heading towards the country This indicates that Petróleos de Venezuela, S.A. is continuing to sell crude oil. It is reported that Petróleos de Venezuela, S.A. has been negotiating with customers this month regarding contract amendments and price discounts to avoid returns and crude oil production cuts. As of this week, over twenty oil tankers are waiting to load or depart at José Port in Venezuela. The total amount of oil stranded on tankers that have not departed has increased from 11 million barrels in mid-December to approximately 16 million barrels. Analysts say that Venezuela is working to expand its floating storage capacity. According to previous reports, Petróleos de Venezuela, S.A. produces about 1.1 million barrels of crude oil per day. Due to U.S. sanctions, a large amount of crude oil has accumulated in Venezuelan ports. To avoid production cuts caused by inventory backlog, Venezuela has transferred some crude oil to tankers for offshore floating storage