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Venezuela oil output tops 1 million barrels per day in June 2026
The rise comes as sanctions relief and regulatory reforms support production, while Middle East conflict has disrupted Strait of Hormuz traffic and tightened global supply.
Venezuela’s crude oil production has climbed above one million barrels per day in June 2026, according to OPEC data relayed through secondary sources cited by Oilprice.
The outlet links the output rebound to regulatory reforms, easing of U.S. sanctions, and increased foreign investment. Oilprice also points to Middle East conflict disrupting shipping through the Strait of Hormuz, a disruption it says has crimped global petroleum supply.
Oilprice adds that infrastructure decay, legal instability, and past asset nationalizations could make it difficult to restore Venezuela’s historic production levels, with restoring them potentially requiring up to $100 billion in capital and more than a decade.
Energy supermajor Chevron plans to raise its Venezuelan output by as much as 50% by 2028, using cash flows from existing operations, a move Oilprice says could help supply U.S. Gulf Coast refineries designed to process heavy crude grades.
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