Challenges in reviving Venezuelan refineries

Venezuela faces significant obstacles in reviving its private oil refineries, particularly the Paraguaná complex, which has an installed capacity of 955,000 barrels per day but is currently operating at a fraction of that due to underinvestment, outages, and supply shortages. Recently, natural disasters have destroyed parts of the refinery, and foreign oil companies have pulled back from investments amid the political situation and new legislation that imposes high taxes. These factors hinder infrastructure upgrades and the provision of cheap domestic fuel. Meanwhile, Venezuela’s oil exports have increased, reaching their highest level in seven years. However, essential reforms and upgrades remain delayed, as ongoing economic and political challenges continue to impede the effective development of the refining sector.

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