Venezuela's Oil Output Could Reach 1.8 Million Barrels Per Day by 2030, Rystad Energy Projects
Source Summary
Venezuela's oil sector is attracting increased international investment and operators under new contractual arrangements, with both established majors and new entrants expanding operations. Rystad Energy projects Venezuelan crude production could reach approximately 1.6 million barrels per day by 2028 and 1.8 million barrels per day by 2030, contingent on adequate capital deployment, rig availability, and oilfield services scaling to meet requirements.
Why it matters
Venezuela's potential production recovery signals a significant shift in global oil supply dynamics and reflects renewed international confidence in the country's upstream sector after years of decline.
What remains uncertain
The projection depends on capital deployment, rig availability, and oilfield services scaling as required, which remain subject to geopolitical, financial, and operational constraints.
