Energy market analysts agree that the combination of international sanctions, poor management, lack of investment, and infrastructure deterioration has devastated the state-owned company PDVSA.
"Maduro's and Hugo Chávez's regime basically looted Venezuela's oil industry", stated Phil Flynn, an analyst at Price Futures Group, who described the current situation as potentially "a historic event" for the energy market if a real opening of the sector takes place.
The Secretary of State, Marco Rubio, indicated that the U.S. military action concluded with Maduro's capture, who will be transferred to the United States so that he can be tried.
Las desastrosas gestiones de Chávez y Maduro devastaron el sector petrolero de Venezuela
If the vice dictator Delcy Rodríguez assumes power, analysts consider that there could be few changes in the short term. However, Maduro's departure also opens the door to a possible power vacuum.
In the markets, the immediate impact on the price of oil has been limited. Futures do not trade during the weekend and, even in the worst-case scenario, Venezuela doesn't produce enough to generate a severe supply shock.
U.S. oil remains around 57 dollars per barrel, in a context of global oversupply and moderate demand. "Psychologically it may give a small boost, but Venezuelan oil can be easily replaced by other producers", noted Flynn.
El barril de petróleo se mantiene en 57 dólares frente a posibles fluctuaciones en la semana
Sources close to PDVSA indicated that production and refining continued operating without direct damage after the operation, although the port of La Guaira suffered damage.
Nevertheless, the measures adopted by the United States, including the seizure of shipments and the blocking of vessels, already have significantly reduced Venezuelan exports and increased stored crude inventories.
The president of the United States, Donald Trump, stated this Saturday that his country will be "very strongly involved" in Venezuela's oil industry after the capture of President Nicolás Maduro, who was arrested and transferred out of the country following a large-scale U.S. military operation over Caracas.
In statements to Fox News, Trump emphasized that the largest energy companies in the world are American and that they will have a central role in the future of Venezuela's oil sector.
"We have the best oil companies in the world, the biggest, the best, and we're going to be very involved", stated the president, hinting at a deep change in the relationship between Venezuela and the international energy industry after years of confrontation with Chavismo.
Maduro's fall has opened a scenario of high political and economic uncertainty in a country that hosts the largest proven oil reserves on the planet.
Trump destacó que varias empresas estadounidenses se establecerán en el país sudamericano para usufructuar el sector
According to the U.S. Energy Information Administration (EIA), Venezuela has approximately 303 billion barrels of crude, about one fifth of global reserves, a wealth that contrasts with the deterioration of its oil industry and its limited current production.
Under the regimes of Hugo Chávez and Maduro, Venezuela's oil industry went from being one of the most important in the world to operating far below its capacity.
Currently, the country produces around one million barrels per day, barely 0.8% of global production, less than half of what it was pumping before Maduro took power in 2013 and less than a third of the 3.5 million barrels per day it was producing before the arrival of Chavismo in power.
