Line graph showing oil production and consumption in Venezuela from 1965 to 2024. The red line represents production, while the yellow line represents oil consumption in Venezuela. On the one hand, Venezuela reached a peak production of almost 3.8 mbd in 1970, but after the nationalisation of the sector and the imposition of quotas by the newly created Organisation of Petroleum Exporting Countries (OPEC), it fell below 2 mbd in the middle of the following decade. On the other hand, the deterioration of the Venezuelan economy caused a rapid decline in the country's oil consumption from the mid-2010s, which has continued to this day.