The EIA sees Venezuela's oil production increasing by less than 200,000 bpd through the end of 2024 after the lifting of sanctions.
Venezuela is expected to raise its crude oil production by less than 200,000 barrels per day bpd until the end of 2024 as years of underinvestment and mismanagement will hamper rapid output growth following the effective lifting of most oil sanctions on Venezuela for six months, the U.S. Energy Information Administration EIA said on Monday.
Until last week, Chevron was the only Western supermajor with special authorization to operate oil fields and export crude from Venezuela, under a special license issued by the Biden Administration late last year. Still, Venezuela’s crude oil production, at 735,000 bpd in September 2023, per EIA estimates, is unlikely to jump above 900,000 bpd by the end of 2024, the administration reckons.
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