On Monday, April 13, Petróleos de Venezuela (PDVSA) and the U.S. company Chevron signed an agreement to boost crude oil production in the Orinoco Belt. The meeting was chaired by acting president Delcy Rodríguez.

According to Rodríguez, “this agreement will allow us to make significant progress in production and ensure that the revenue generated from that production goes directly to the benefit of the Venezuelan people.”

Among the objectives of the agreement, she highlighted the exchange of assets between a gas field and the Ayacucho 8 oil block, which will be incorporated into the production of the Petro Piar joint venture. “This block, located in the Orinoco Oil Belt, is considered strategic due to its extra-heavy crude oil reserves.”

During the meeting, a resolution was also approved to delimit and grant exploitation rights in the Ayacucho 8 block to Petropiar, as part of the joint venture scheme operating in the country.

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Oil sector analysts indicate that production in Venezuela could increase to 1.5 million barrels per day by the end of 2026 if the growth rate recorded since 2023 is maintained.

According to petroleum engineer and consultant Germán Márquez, professor of Hydrocarbons at the Central University of Venezuela, “recent figures support this possibility.”

OPEC’s October 2025 report placed Venezuelan production at 1,132,000 barrels per day (bpd), representing an increase of 132,000 bpd compared to the end of 2024. “This progress equates to annual growth of approximately 14% and extends a recovery trend that has now lasted five consecutive years.”

The specialist and professor believes that if the average growth rate of the last two years is maintained — an additional 15,000 barrels per day (bpd) per month — “production could close 2025 at around 1,090,000 bpd and reach approximately 1,170,000 bpd in the short term,” reaching the 1.5 million barrel mark in 2026.

Among the reasons for this increase, Márquez points to greater operational continuity and Venezuela’s ability to place crude oil in alternative markets, “which has avoided logistical bottlenecks and shutdowns associated with a lack of storage or export restrictions.”

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La entrada Venezuela aims for increased oil production in 2026 apareció primero en Bitfinance.

Starting in December, OPEC+ will increase its crude oil supply to the market to 137,000 barrels per day, marking the organization’s ninth consecutive increase.

The decision was announced this Sunday, November 2, by the ministers of eight countries in the OPEC+ alliance, led by Saudi Arabia and Russia, who indicated that there will be no monthly increases between January and March 2026.

The measure was taken considering “a stable global economic outlook and current healthy market fundamentals, reflected in low oil inventories,” according to a statement issued in Vienna by the Organization of the Petroleum Exporting Countries (OPEC).

It was learned that the increase in oil supply will be applied “starting with the 1.65 million barrels per day (mbd) of additional voluntary adjustments announced in April 2023.”

The eight countries reiterated the importance of adopting a prudent approach and maintaining the flexibility to continue pausing or reversing the additional voluntary production adjustments.

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A team of economic and oil experts has developed a proposal to rescue the Venezuelan economy, according to economist Gustavo García, former professor at the Institute of Advanced Studies in Administration (IESA) and former official at the Inter-American Development Bank (IDB) and the International Monetary Fund (IMF).

The expert spoke about the initiative during the discussion “Oil Fiscal Policy and Growth for Venezuela,” held virtually by the Ideas for Venezuela Group, led by engineer Elías Matta.

The project’s main objective is “the revitalization of the oil sector by attracting private investment and implementing profound tax reform. A team of economic and oil experts has developed the project.”

“This achievement, combined with average economic growth of 10 % annually for 15 years, would allow the nation to recover its 2013 GDP level,” García stated, adding that the oil sector will be the driving force behind this growth, emphasizing “competitive advantages such as low extraction costs and an existing infrastructure that only requires repair and modernization.”

According to the economist, the goal is to achieve a production of 4 million barrels per day within 10 years. To achieve this, it is necessary to open the sector to 100 % private investment, “eliminating the mandatory partnership with PDVSA. Incentives such as accelerated depreciation and amortization are proposed as key tools for early investment recovery in a high-risk environment,” García emphasized.

On the other hand, he argued that the State should prioritize investment in human capital, “delegating operational recovery and investment in the oil sector to global private capital.”

This rescue plan for the Venezuelan economy will lay the foundation for sustained growth, the massive creation of formal employment, and the return of Venezuelan talent.

The goal is to publicly present the plan in the coming months after reaching a consensus.

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During the 62nd Meeting of the Joint Ministerial Monitoring Committee of OPEC and OPEC+, the Venezuelan government, through Executive Vice President and Minister of Hydrocarbons Delcy Rodríguez, reaffirmed its commitment to global market stability.

In the videoconference session, “the authorities reviewed production data for July and August 2025, as well as compliance with the adjustments agreed upon at the thirty-eighth ministerial meeting of OPEC and the partner countries in the cooperation mechanism.”

The Venezuelan official emphasized that the country “maintains its commitment to defending a fair and equitable market, even in the face of trade tensions, geopolitical challenges, and unilateral sanctions.”

She also stressed that the goal is “to guarantee an energy system that responds to both current needs and the transition to new sources” in a global scenario marked by economic volatility.

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La entrada Venezuelan government reaffirms its commitment to global energy stability apareció primero en Bitfinance.

Venezuelan Vice President Delcy Rodríguez indicated that the country’s oil production remains above 1 million barrels per day.

This statement was made by the Minister of Hydrocarbons during a working meeting with the Council of Vice Ministers of Energy Policy, when she reviewed the monthly balance of the 2025 Production Plan.

This report confirms, according to Rodríguez, that Venezuela is maintaining its production despite economic difficulties.

The Vice President confirmed that the Hydrocarbon Engine, “along with the Absolute Productive Independence Plan, demonstrate the so-called Roadmap to protect the national economy and guarantee the development of other productive drivers.”

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La entrada Venezuela’s oil production exceeds 1 million barrels per day apareció primero en Bitfinance.

The Executive Vice President of the Republic, Delcy Rodríguez, reported that oil production in Venezuela is normal and is following the plan outlined for increased production in various fields.

The official, also Minister of Hydrocarbons, stated through her Telegram channel that the state-owned Petróleos de Venezuela, PDVSA, “is maintaining the wells in production, through its own efforts, a fundamental component of its daily production. Likewise, international companies operating in the country without a license from any foreign government are operating fully, subject to the laws of the Republic.”

He emphasized that Venezuela has its doors open to transnational corporations whose licenses were revoked by the United States government, following the guidelines of the contracts signed with the national industry, in accordance with the Venezuelan legal framework.

Rodríguez emphasized that PDVSA also “maintains its growing gas production for domestic supply and is focused on export projects with international companies, as well as its national refining system.”

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