venezuelan president nicolas maduro said wednesday his country is ready to supply the global oil and gas market which has been crippled by russias invasion of ukraine venezuela is ready and willing to fulfill its role and supply in a stable and secure manner the oil and gas market that the world economy needs maduro said at an event held during the opec secretarygenerals visit to caracas maduro insisted his countrys oil industry had recovered despite production levels falling to historic lows after years of lacking investment and maintenance venezuelas current output is about 700000 barrels per day compared to 23 million barrels per day in 2002 the united states has imposed a battery of sanctions on caracas in a bid to force maduro from power with one 2019 measure preventing venezuela from trading its crude oil  which accounted for 96 percent of the countrys revenues  on the us market but us president joe bidens administration announced in may it would ease some of those sanctions as energy prices surged due to the war in ukraine maduro condemned the energy crisis caused by what he called unjustified sanctions on russia he has been among the few international figures to assure russian president vladimir putin of his strong support in the wake of the invasion russia europes main natural gas supplier has sharply reduced deliveries raising fears of shortages and even higher prices as winter approaches during his visit to caracas opec secretarygeneral haitham alghais warned the organization is facing a challenge that was more serious more critical than any it has faced since it was founded 62 years ago