PitchBook：2026年分析师笔记：关注委内瑞拉的石油复兴报告（英文版）

The Venezuelan president’s capture by US forces opens the door to unlocking the world’s largest oil reserves—303 billion bbl, representing 17% of global proven reserves.1 Current production sits at just 800-900 Mbbl/d, down 65% to 70% from 2016 levels due to chronic underinvestment and sanctions.2 While nearterm recovery to 1.5-2 MMbbl/d appears achievable, the real prize of restoring production toward historical peaks of 3.5 MMbbl/d and beyond will require more than $100 billion in investmen