Venezuela's oil output hits 1.23 million barrels per day, highest since 2019

Output still trails decade-ago levels and 1998 peak by wide margins

Venezuela’s oil production has climbed to 1.23 million barrels per day, the country’s highest output since February 2019, acting President Delcy Rodríguez said in a national address Monday night. The figure marks a 29.8% increase since the beginning of 2026, Rodríguez said, crediting the easing of U.S. sanctions and a National Assembly overhaul of the Organic Hydrocarbons Law that ended the state monopoly in the sector.

In her address, Rodríguez said Venezuela has signed 50 strategic oil and gas agreements that will bring new investment to more than 76 hydrocarbon production areas across the country. The National Assembly unanimously approved the overhaul of the Organic Hydrocarbons Law weeks after then-President Nicolás Maduro was captured in a U.S. military operation in January.

The legislation ended the state monopoly and allows private companies to assume full operational control and directly market production under a new tax regime that includes international arbitration. The reforms came amid the easing of U.S. sanctions that had constrained Venezuela’s oil sector for years.

Rodríguez emphasized the resilience of Venezuela’s economy, noting that oil production continued despite two powerful earthquakes that struck the country in June, measuring 7.2 and 7.5 in magnitude. The quakes killed more than 6,500 people, left thousands missing and severely damaged refineries including El Palito, Rodríguez said.

She said Venezuela has now recorded 21 consecutive quarters of economic growth. Rodríguez also said the U.N. Economic Commission for Latin America and the Caribbean, known by its Spanish acronym CEPAL, projects Venezuela’s gross domestic product will grow 6.5% this year.

“These are important figures, but they are nowhere near the ultimate goal because much remains to be done to recover an economy severely affected by sanctions,” Rodríguez said.

Venezuela’s Oil Ministry and state-owned oil company PDVSA have set a goal of reaching 1.37 million barrels per day by the end of the year, a target The Rio Times reported will require significant investment to address the country’s deteriorating oil infrastructure.

Although the figure marks a seven-year high, it remains well below the 2.1 million barrels per day Venezuela produced a decade ago and is only about one-third of its historic peak of 3.5 million barrels per day in 1998.