U.S. Says Venezuela Could Lift Oil Output 50% in a Year, Full Recovery Will Take Years

Overview

• U.S. Energy Secretary Chris Wright told Fox News Venezuela could raise production by about 50% in roughly a year from around 800,000–900,000 barrels per day.
• Wright said returning to output peaks reached decades ago will take years and that market forces will set prices for Venezuelan crude.
• Independent analyst Kirill Rodionov forecast phased production gains in the latter half of the 2020s as the industry is restructured.
• Bloomberg, citing energy scholar Francisco Monaldi, reported that restoring capacity to historic highs could require over $100 billion and about a decade.
• Recent reports detail U.S. strikes, a Venezuelan state of emergency, and President Trump stating the U.S. detained Nicolás Maduro and will manage a temporary administration while pursuing compensation for American oil firms.