Venezuela's interim president, Delcy Rodriguez, and US Energy Secretary Chris Wright visit a oil production facilities of the Chevron/PDVSA JV
Venezuela already making oil comeback
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
As the world looks to the Middle East to see whether talks between the US and Iran ease oil price pressures and unlock supply trapped in the Strait of Hormuz, Venezuela is quietly taking steps to boost its production and take advantage of surging demand. Between January and mid-March, domestic output climbed from 942,000b/d to just over 1.1m b/d, according to a recent presentation from interim Venezuelan President Delcy Rodriguez. This figure is below the 1.2m b/d posted before the US started blockading Venezuelan supply in December but is expected to rise sharply as the US unwinds sanctions. “While official targets have not been publicly disclosed, we believe Venezuela could realistically r
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