Venezuela accelerates oil recovery and projects surpassing 1.3 million barrels per day in 2026

TL;DR

Venezuela's oil production is on a sustained growth trend, nearing and surpassing one million barrels per day.
In December 2025, production reached nearly 1.2 million barrels per day, an 18% year-on-year increase.
Projections indicate production will reach 1.37 million barrels per day by December 2026.
Growth is driven by increased drilling, well reconditioning, infrastructure reactivation, and foreign investment.
Regulatory changes, including modifications to the Hydrocarbons Law and OFAC licensing, are facilitating foreign participation.
Venezuela possesses the world's largest proven oil reserves, estimated at over 303 billion barrels.
A business mission led by Campetrol to Caracas in April 2026 aimed to identify business and cooperation opportunities for regional companies.
Regional integration, particularly with Colombia, is seen as key for developing complementary capabilities in the oil sector.

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