The U.S. EIA has updated its country analysis on # Venezuela :
1. Although one of the original 5 large oil-producing nations in OPEC, Venezuela fell to the 4th smallest producer among OPEC’s 13 members in 2019, ranked higher than only Congo-Brazzaville, Gabon, and E. Guinea

2. Reduced capital expenditures by PDVSA, along with increased U.S. sanctions, have resulted in foreign partners continuing to cut activities in the oil sector, making crude production losses increasingly widespread

3. Venezuela’s revenue from oil exports is severely constricted because few of its exports generate cash revenues

4. Even with 303 billion barrels of proved oil reserves, the largest in the world, Venezuela's oil production was only 360,000 b/d in August this year, the lowest level since EIA started recording production in 1973

5. The number of active rigs in Venezuela fell from 69 in the first quarter of 2016 to 2 reported rigs in May 2020

6. Venezuela has 1.3 million b/d of domestic nameplate crude oil refining capacity, but refining throughput in 2019 was at an estimated 10% of its nameplate capacity

7. In the first half of 2020, exports of Venezuela’s crude fell to 500,000 b/d. In 2019, imports were 12,000 b/d. Link to the report here: https://www.eia.gov/international/analysis/country/VEN