Venezuela eyes oil output boost after U.S. sanctions ease

Venezuela is shifting its focus from being recognized solely for its vast oil reserves to becoming a leading oil producer, according to Calixto Ortega, the country's top economic adviser. Speaking at the World Government Summit in Dubai, Ortega emphasized the nation's ambition to increase oil production levels significantly.

In January 2026, Venezuela's oil exports surged to approximately 800,000 barrels per day, up from 498,000 bpd in December, following the easing of U.S. sanctions and the capture of former President Nicolás Maduro. This rebound was facilitated by the U.S. Treasury Department granting licenses to traders like Trafigura and Vitol, allowing them to export Venezuelan crude, News.Az reports, citing Reuters.

The Venezuelan government has introduced reforms to attract foreign investment and revitalize its oil sector. These include amendments to the country's main oil law, aiming to lower taxes, expand the oil ministry's authority, and permit private companies to participate in oil production through production-sharing contracts.

Despite possessing the world's largest proven oil reserves, Venezuela's oil production has declined over the years due to mismanagement, lack of investment, and previous sanctions. The recent policy changes and international collaborations are part of the country's strategy to restore its position in the global oil market and stimulate economic growth.

News.Az 

By Aysel Mammadzada