Venezuela output rebounds to 1.1 mln bpd but recovery remains fragile.
Info via Reuters report.
Summary:
- Venezuela oil output rises to ~1.1 mln bpd in March
- Up from ~942k bpd in January
- Recovery driven by easing constraints, exports
- Output back near pre-disruption levels
- Still far below historical ~3 mln bpd peak
- Accounts for ~1% of global supply
- Refining activity also improving
- Further gains likely gradual without major investment
Venezuela’s oil production has climbed to around 1.1 million barrels per day in March, marking a notable recovery in output as the country’s energy sector continues to stabilise following years of disruption.
The latest figures, cited by state oil company PDVSA and presented by acting President Delcy Rodríguez, show a sharp increase from January levels of roughly 942,000 bpd. The rebound reflects a broader turnaround after production fell below 900,000 bpd earlier this year amid sanctions, logistical constraints and infrastructure bottlenecks.
The recovery has been supported by a combination of easing US restrictions, improved access to diluents needed to process Venezuela’s heavy crude, and a gradual return of export flows. Output has now returned to levels seen prior to recent disruptions, with production capacity estimated near current levels in the short term.
Despite the improvement, Venezuela remains a shadow of its former self as an oil producer. The country once pumped more than 3 million bpd in the late 1990s, but years of underinvestment, sanctions and operational decline severely curtailed output. Even at current levels, Venezuela accounts for only around 1% of global oil supply.
Refining activity has also shown signs of recovery. Domestic gasoline and diesel production rose to approximately 166,700 bpd in 2025, up from 146,200 bpd the previous year, highlighting gradual improvements in downstream capacity.
Looking ahead, further gains are expected to be incremental rather than rapid. Analysts note that a meaningful expansion in production would require significant foreign investment, regulatory clarity and sustained infrastructure upgrades.
In the context of ongoing geopolitical tensions and supply disruptions elsewhere, Venezuela’s recovery offers a modest but important source of additional supply. However, its ability to materially shift global balances remains limited in the near term.
