Venezuela's oil production surpassed one million barrels per day in June, marking a 17.6% increase over 2025. This growth has been driven by the easing of U.S. sanctions, regulatory changes, and supply disruptions in the Middle East.
Chevron plans to increase its Venezuelan output by 50% by 2028 using cash flows from existing operations.
Despite this growth, Venezuela's oil industry remains far from its historical levels, and restoring production will require up to $100 billion in investment.
