In recent years, Washington has ramped up its regime-change efforts against Caracas through a wide-reaching, devastating economic blockade. In particular, the US Treasury Department has levied a raft of measures targeting Venezuela's oil sector in an attempt to starve the country of foreign income. The unilateral sanctions have crippled the country's most important industry.
In the following infographic, we detail the US sanctions against the oil industry and the resulting fall in output.
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A detailed timeline of the crushing measures levied by the US Treasury Department against Venezuela's most important industry. (Venezuelanalysis)
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US sanctions have crippled Venezuela's oil production. Output stood at nearly 2 million barrels per day (bpd) when the first sanctions were imposed in mid-2017 and fell to historic lows in the second half of 2020. A modest recovery brought production levels to around 700,000 bpd in late 2021 but they have remained stagnant since then. (Venezuelanalysis. Data from OPEC)
(Note: this is an updated version of an infographic originally published in August 2021)
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