Venezuela May Hike Oil Output By 200,000 Barrels Per Day in One Year — Chilean Ex-Minister
Evana, an oil tanker, is docked at El Palito port in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. 
MOSCOW (Sputnik) — Venezuela may increase oil production by up to 200,000 barrels per day over the coming year under favorable conditions, former Chilean Energy Minister Ricardo Raineri told Sputnik. «The additional growth of approximately 100,000-200,000 barrels per day over the coming six to 12 months seems likely to me under the current favorable conditions,» Raineri said. According to the Organization of the Petroleum Exporting Countries (OPEC), Venezuela produces about 1.1-1.2 million barrels of oil per day. Raineri’s forecast projects production growth of 10-20%. Venezuela has the world’s largest oil reserves, estimated at about 303 billion barrels, however, the output is far lower than historic records. It needs to invest in reserve development, pipeline construction, power supply and other infrastructure facilities to step up production. The United States and Venezuela have agreed to expand the US’s participation in the South American nation’s oil sector, which includes attracting investment to revive production and modernizing the infrastructure facilities. The US has been easing restrictions on Venezuela’s oil sector to allow for the return of US energy companies. In late September, Colombian company Geo Park announced its plans to invest about $7 billion in the development of the Bare oil reserve in the Orinoco Belt. The company expects to increase output from its current level of 11,000 barrels to 90,000 barrels per day in the long run.
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