President in Charge: Venezuela must go from the country with the largest reserves to being an oil-producing giant

Published at: 26/01/2026 07:43 PM

The president in charge of the Republic, Delcy Rodríguez, emphasized the need for Venezuela not only to maintain its position as the country with the largest oil reserves in the world, but also to become a giant producer.

This was stated at a meeting on the Public Consultation on the Partial Reform of the Organic Law on Hydrocarbons, with sectors and companies linked to the oil sector.

In that regard, he stressed that Venezuela must be a giant in this area alongside Russia, the United States and Saudi Arabia.

“That we are giant oil producers, because just the title of having the largest reserves is enough and that doesn't translate into development for Venezuela, enough of that, history sometimes pushes us,” he said.

The president in charge Rodríguez highlighted the responsibility to guarantee the future and the social and economic happiness of the Venezuelan people, and therefore reaffirmed the commitment of the Bolivarian Government to strengthening national production through a strategic alliance with the private sector.

He also recalled the structural changes contemplated in the reform, and highlights the formalization of Productive Participation Contracts (CPP), which allow operating companies to assume the comprehensive management of projects at their own risk and cost, by boosting oil activity without committing the State to debts or direct financial commitments.