Venezuela is seeking to reframe its international image from a nation defined by its vast hydrocarbon endowment to one distinguished by strong production figures, the country's chief economic adviser, Calixto Ortega, said at the World Government Summit in Dubai.
Ortega said the government wants to move away from the long-standing reference to Venezuela as simply "the country with the biggest oil reserves." He added the aim is to be "known as one of the countries with the highest production levels."
"We know that the reference for Venezuela is that (it is) the country with the biggest oil reserves. And we want to stop being known about this, and we want to be known as one of the countries with the highest production levels."
In his remarks Ortega stressed that Venezuela considers itself prepared to receive investment, and he said firms based in the United States and other countries are holding off on commitments until sanctions are removed. "Economically speaking, we are, you know, we are solid and ready for investment," he said.
Official data cited in the same context indicate that despite holding the world's largest estimated oil reserves, Venezuela has been producing well below potential. The shortfall has been attributed to decades of mismanagement, a lack of sufficient capital spending, and international sanctions that have constrained the sector.
Recent shipping data point to a jump in exports, with volumes rising to roughly 800,000 barrels per day (bpd) in January from about 498,000 bpd in December. That increase followed the reported capture of President Nicolas Maduro in a raid in Caracas last month and the end of a U.S. oil blockade, according to the same shipping information.
The United States, which has maintained sanctions on Venezuela for years, announced it would indefinitely control Venezuela's oil sales after capturing President Maduro in a raid in Caracas last month. The U.S. had imposed an oil embargo on Venezuela in December to pressure Maduro and seized seven tankers.
Ortega's comments at the Dubai summit underscore the government's message that Venezuela is open for investment once sanctions are lifted, while the shipment figures provide a near-term snapshot of export activity amid changing circumstances in the relationship with the United States.
Key sectors likely affected by the developments cited by Ortega include upstream oil production, midstream logistics and export-related shipping, and broader energy market participants who monitor supply flows and geopolitical risk.