The African Energy Chamber has called on Nigeria and other Global South nations to support Venezuela at a critical moment, stressing that political stability and institutional continuity are essential for the country’s oil-led economic recovery.
The call follows heightened uncertainty in Venezuela after the detention of the country’s president by the United States and the subsequent announcement by the Supreme Court that Delcy Rodríguez has assumed office as Acting President.
The development has renewed international attention on Venezuela’s governance framework and the future of its energy sector, which remains the backbone of the economy.
In a statement, the Executive Chairman of the AEC, NJ Ayuk, urged African leaders, including Nigeria, to stand in solidarity with Venezuela, noting the long-standing ties between the country and African oil producers.
“This is the time to continue encouraging everyone to invest in Venezuela. We call on African states and leaders, as well as the Global South, to give the Acting President and the Venezuelan people support as they determine their future, sovereignty and how they want to proceed,” Ayuk said.
Venezuela holds the world’s largest proven oil reserves, estimated at about 303 billion barrels, accounting for roughly 17 per cent of global reserves. Despite years of underinvestment and production decline, hydrocarbons still contribute close to 90 per cent of the country’s export earnings and more than half of government revenue.
Production, which collapsed to about 300,000 barrels per day in 2020, has recovered to between 900,000 and 1.1 million barrels per day as of early 2026. However, this remains far below the peak of 3.4 million barrels per day recorded in the late 1990s. According to the AEC, with predictable governance, regulatory clarity and sustained annual investment of around $10bn, Venezuela could raise output to 2.5 million barrels per day over the next decade.
The Chamber noted that the situation in Venezuela mirrors challenges faced by several oil-producing countries, including Nigeria, where stability, investor confidence and transparent resource management remain critical to maximising hydrocarbon wealth.
Venezuela’s relationship with Africa has been shaped by South-South cooperation, particularly within OPEC, where the country has historically supported the inclusion and interests of African producers. It is also an honorary member of the African Petroleum Producers’ Organisation and has played a role in capacity building by training African students and supporting partnerships with African energy companies.
Acting President Rodríguez, who also serves as Venezuela’s Oil Minister, has been a vocal supporter of Africa’s right to utilise its oil and gas resources to drive development, the AEC said. Under her leadership, Venezuela’s state oil company, PDVSA, has strengthened ties with African partners across the energy value chain.
The Chamber emphasised that oil remains Venezuela’s most powerful lever for economic recovery, particularly through the Orinoco Heavy Oil Belt, which holds nearly 90 per cent of the country’s reserves. However, decades of deferred maintenance have left refineries, pipelines and other infrastructure operating at a fraction of capacity, requiring tens of billions of dollars in rehabilitation investment.
The AEC also highlighted opportunities in offshore natural gas, which could help diversify Venezuela’s energy mix and reduce overreliance on crude oil exports.
“Venezuela sits atop extraordinary natural wealth, and the lesson from Africa is clear: when stability is prioritised, and the energy sector is allowed to function responsibly, hydrocarbons can drive recovery, unity and long-term development,” Ayuk said.
For Nigeria and other Global South nations, the Chamber said supporting Venezuela’s stability and reintegration into the global energy market aligns with broader efforts to strengthen producer cooperation, stabilise markets and promote development-driven energy policies.
