Hard Numbers

Hard numbers: Venezuela edition

Venezuelans living in Colombia hold flags as they gather at Plaza de Bolivar to celebrate after U.S. President Donald Trump said the U.S. has struckVenezuela and captured its President Nicolas Maduro and his wife Cilia Flores, in Bogota, Colombia, January 3, 2026.
Venezuelans living in Colombia hold flags as they gather at Plaza de Bolivar to celebrate after U.S. President Donald Trump said the U.S. has struckVenezuela and captured its President Nicolas Maduro and his wife Cilia Flores, in Bogota, Colombia, January 3, 2026.
REUTERS/Andres Galeano
303 billion: Venezuela is home to 303 billion barrels of oil reserves – the largest of any country, accounting for nearly a fifth of all proven reserves in the world. Proven reserves refers to oil that is known to exist and could be extracted with current technology.

36: Does history rhyme? Maybe not in general, but every so often there is a choice couplet: Maduro’s capture came 36 years to the day after the US arrested Panamanian president Manuel Noriega, a former CIA ally whose falling out with Washington led to his prosecution on drug charges. For more on that, see (and hear) Ian Bremmer’s explainer here.

26: The far-left Bolivarian Revolutionary Socialist movement, led first by Maduro’s charismatic predecessor Hugo Chávez, has held power in Venezuela for 26 years. Chávez won a (legitimate) election in 1998 and assumed power in 1999. Maduro took over after his death in 2013. As part of this morning’s operation to depose Maduro, the US reportedly conducted an airstrike on the mausoleum holding Chavez’s remains.

8 million: Since 2014, nearly 8 million Venezuelans – close to a third of the population – have fled economic crisis and political repression, making it one of the two largest refugee crises in the world, alongside Syria. Colombia alone has absorbed nearly 3 million. About 770,000 went to the United States.

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There have been several geopolitical shocks this year, yet none have stopped oil prices from plunging, showing how oil markets have become more risk tolerant.