Westwood Insight – Venezuela’s Onshore Energy Reawakening Post Maduro: Reality or Rhetoric?

AI Summary

Venezuela is attempting to revive its crude oil production post-2010s decline, hindered largely by US sanctions. Production has increased gradually, reaching 0.9 million barrels per day by 2025 amid easing sanctions, but challenges remain.

Venezuela has long struggled to revive crude oil production, the backbone of its economy, after a collapse in the 2010s predominantly driven by the imposition of US sanctions. Output fell to just 0.5mmbpd in 2020, far below the 3mmbpd seen pre-2010. Production gradually recovered YoY, reaching 0.9mmbpd in 2025 as US sanctions eased. Still, the ...