Venezuelan Industry Views Oil Sector Expansion Favorably: 'We Are Ready to Support'
Panoramic view of Lake Maracaibo in Cabimas (Venezuela), a region rich in light crude. Photo: Efe
TL;DR
- Venezuela's private manufacturing sector is prepared to support the expansion of the oil sector.
- The government has established a long-term energy partnership with the United States.
- The president of Conindustria, Tito López, stated that industries are ready with expertise and products to aid oil reactivation.
- Manufacturing production is projected to grow by 12.7% this year due to improved order expectations and operational stability.
- The integration into new value chains linked to oil expansion is expected to boost the manufacturing sector.
- Venezuelan oil production reached its highest level in seven years in 2026, averaging 1,081,000 barrels per day.
- Despite a drop in January, overall oil production saw a 17.3% increase compared to the previous year.
- The energy partnership with the US aims to encourage investment, job creation, and increased oil production and export revenues.