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Venezuela crude output rises past 1 million bpd as sanctions ease
Venezuela’s crude production surpassed one million barrels per day in June 2026, helped by regulatory reforms and Middle East supply disruptions that have tightened Strait of Hormuz traffic.
Venezuela’s crude output has climbed to multiyear highs, with crude production surpassing one million barrels per day in June 2026, Oilprice reported. The gain is occurring as conflict in the Middle East disrupts shipping through the Strait of Hormuz, crimping global petroleum supply.
Oilprice said the shift follows the early January 2026 night raid in which the U.S. captured President Nicolas Maduro, alongside regulatory reforms and an easing of U.S. sanctions. The outlet added that this combination has encouraged greater foreign investment in Venezuela’s previously struggling petroleum sector.
Despite the recent uptick, Oilprice noted that restoring historic production levels would be difficult due to infrastructure decay, legal instability, and past asset nationalizations. The outlet said the work could require up to $100 billion in capital and more than a decade.
Oilprice also cited investment plans by Chevron, which intends to increase its Venezuelan output up to 50% by 2028 using cash flows from existing operations. The company’s production would help supply U.S. Gulf Coast refineries designed to process heavy crude grades.
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