The world has too much oil right now. Will companies want Venezuela's?

A sculpture of a hand holding an oil drilling rig stands outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas, Venezuela, on February 26, 2025. In the background are a street and a tall building.

Crude prices are low. Companies are being cautious. But huge reserves — particularly of the heavy, viscous oil Venezuela has in abundance — remain appealing.

(Image credit: Pedro Mattey)