Venezuela eyes stronger oil production growth trajectory

Venezuela aims to raise its oil production to approximately 1.5 million barrels per day (bpd) by the end of the year, up from current output of just over 1 million bpd.

Vice President for Planning Ricardo Menéndez made the statement on the sidelines of the St. Petersburg International Economic Forum (SPIEF), Caliber.Az reports, citing Russian media.

“We are in the process of stabilising oil production amid the recovery of our capacities and new circumstances,” he said, noting that current production levels are already above 1 million bpd.

“There is steady growth. We are projecting a figure of around 1.5 million barrels per day,” Menéndez added, attributing the expected increase to ongoing investments and a broader stabilisation process in both domestic production and international market conditions.

Venezuela, which holds the world’s largest proven crude reserves, has been gradually working to restore output after years of underinvestment, infrastructure constraints, and sanctions-related disruptions. Recent industry data has indicated a gradual recovery in production and export volumes, though output remains well below historic peaks.

By Vafa Guliyeva