The quick US invasion of Venezuela and capture of its president, Nicolas Maduro, was big news last week. Mr. Maduro was president from 2013-2025 and during his term, the Venezuelan economy and GDP size (at PPP values) shrank, from $561 billion in 2013 to around $224 billion in 2025. Despite this, Venezuela is a giant in the oil industry.
In this piece, I will highlight a number of facts about Venezuela and the international oil industry. I will also discuss the latest merchandise exports data. Here we go.
1. Venezuela was the third larger oil producer in the world since the 1940s. In 1965 it produced 3.5 million barrels per day (mbpd), the third largest producer after the US and the USSR. But this production shrank to only 0.96 mbpd in 2024 and around 0.94 mbpd in 2025.
In proven oil reserves, Venezuela is number one in the world with 303 billion barrels (bb), followed by Saudi Arabia with 267 bb, Iran with 209 bb, Canada with 163 bb, and Iraq with 145 bb (source: OPEC).
2. The US is the largest oil producer in the world, with 20.1 mbpd in 2024 and above 20 mbpd in 2025. The second to fifth largest producers are Saudi Arabia, Russia, Canada, and Iran.
3. South America is now producing more oil, led by Brazil, Argentina, and, surprisingly, Guyana. Guyana had no oil production at all until 2018, then it produced 0.62 mbpd in 2024 and is projected to have produced 1 mbpd in 2025. Venezuela, now to be run by the US according to President Donald Trump, can expect to see oil-gas production ramp up starting this year.
4. China continues to slowly expand its oil production with 4.26 mbpd in 2024 and projected production at 4.32 mbpd in 2025.
5. Global oil production keeps rising despite anti-fossil fuel campaigns by the climate establishment and many UN organizations — from 31.8 mbpd in 1965 to 81.8 mbpd in 2005, 96.9 mbpd in 2024 and projected at 106 mbpd in 2025 (see Table 1).
6. In global merchandise trade, China’s exports in 2025 of $308 billion/month is equivalent to the total exports of the US + Mexico + Canada + Brazil combined at $309 billion/month.
7. Hong Kong overtook Japan, Italy, and South Korea in 2025 to become the 5th largest exporter in the world. Singapore overtook the UK and Canada in 2025 to become the 13th largest exporter in the world.
8. Taiwan has made the largest exports leapfrog. In 2025 it overtook five countries — Belgium, Singapore, the UK, Switzerland, and Canada to become the world’s 11th largest exporter. Vietnam made second largest exports leapfrog. In 2025 it overtook India, Spain ($36 billion/month), and Russia ($34 billion/month) to become the world’s 17th largest exporter.
9. US exports were flat from 2022 to 2024, then saw an expansion of $8 billion/month in 2025 which may not be due to product competitiveness but the result of moves by many countries to placate Trump so that he would reduce US tariffs on products from those countries.
10. Exports from Germany, the Netherlands, the UK, and France were almost flat from 2022 to 2025, while Belgium experienced a decline (see Table 2).
The Philippines should integrate more economically with our Asian neighbors, especially China, Hong Kong, Taiwan, Japan, and Vietnam. They are big sources of our imports, foreign direct investments, and tourism. They are also destinations for our exports and skilled workers. The Philippines’ chairmanship of the ASEAN in 2026 should help attain this.
Our foreign and defense policies should be consistent with our trade, investment, and tourism policies. War mongering vs China should be tamed.
Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.
