Venezuela’s oil production is climbing back up. The country averaged 903,000 barrels per day in February 2026. That’s a 9.7% jump from January 2026’s 823,000 barrels per day. Right now, recent estimates put production at around 750,000–800,000 barrels per day.
The numbers haven’t always looked this good. Back in July 2020, production hit a record low of 392,000 barrels per day. The country’s output fell by half after 2017, mostly because of U.S. financial sanctions. Before that, Venezuela reportedly neared 3.5 million barrels per day around 1997, close to its historical peak.
Western oil companies are now coming back to Venezuela. The Trump administration issued licenses to a handful of Western oil firms to operate there. Energy Secretary Chris Wright has pointed to the country’s strong production potential. There’s enormous interest among companies looking to enter Venezuela’s oil market. Their return could give production a major boost.
This is happening after a big political change. U.S. officials captured Nicolás Maduro, and now they’re working to revive Venezuela’s oil industry. Old and damaged oil infrastructure is being restored. These efforts are part of a wider push to bring the local economy back to life. Wright shared these remarks during the IEA ministerial meeting in Paris.
Analysts see a lot of room for growth. Production could jump 30% to 40% in 2026, adding 300,000 to 400,000 barrels per day. Output could potentially reach 1.3 to 1.4 million barrels per day within a few years with sustained investment. Over the next decade, up to 2 to 2.5 million barrels per day may be possible with major reforms and investment.
Venezuela’s got some serious natural resources. It holds the world’s largest proven oil reserves at 303 billion barrels. It also has among the world’s largest natural gas reserves. That puts the country in a strong position if investments and reforms continue. The OPEC secondary sources data confirmed February 2026 as a standout month for Venezuelan output.
The changes in Venezuela could affect oil markets around the world. Experts say Venezuela’s growing output could contribute upside to global oil supply in 2026 and 2027. Neighboring countries like Colombia and Trinidad and Tobago could also benefit from Venezuela’s growing energy output.
References
- https://energy-analytics-institute.org/2026/03/11/eai-brief-venezuela-production-averaged-903000-b-d-in-feb-2026-according-to-opec-data/
- https://worldoil.com/news/2026/2/18/u-s-says-venezuela-oil-output-could-rise-30-40-in-2026/
- https://tradingeconomics.com/venezuela/crude-oil-production
- https://www.jpmorgan.com/insights/global-research/commodities/venezuela-oil-lng
- https://auroraer.com/resources/aurora-insights/articles/breaking-down-venezuelas-oil-outlook-for-the-future
