Venezuela Claims Oil Production Hits Highest Since 2019
Venezuela · ENERGY
Key Facts
- —What happened Venezuela’s interim government claims oil production exceeds 1.23 million barrels per day as of 24 August 2026.
- —How big Officials say this is the highest output level since February 2019, a span of over seven years.
- —The catch The 1.23 million figure is an official claim, not independently verified by external sources.
- —Who pays About 50 strategic agreements with private and international investors will fund work in over 76 hydrocarbon areas.
- —What comes next Venezuela’s government targets 1.37 million barrels per day by the end of 2026, officials said in mid-August.
Officials say output tops 1.23 million barrels daily, a level not seen since early 2019, alongside 50 new energy deals.
Venezuela’s interim government announced on 24 August 2026 that oil production exceeds 1.23 million barrels per day. That is the highest level since February 2019. Vice-President Delcy Rodríguez also said about 50 strategic oil and gas agreements have been signed since January 2026.
Government announcement details
In a televised address on 24 August 2026, Vice-President Delcy Rodríguez said oil production exceeds 1.23 million barrels per day. She described this as the highest level since February 2019, according to Reuters and other news agencies.
Rodríguez’s statement was carried by international wires including RIA Novosti, EFE, and WAM on 25 August. These reports quote her directly and repeat the production and agreement figures.
The announcement came during a televised address to the nation. Officials presented the numbers as evidence of recovery from years of decline.
The Venezuelan government has not published detailed technical data to back the Venezuela oil production figure. The claim rests entirely on official statements from Rodríguez and state oil company PDVSA leadership.
Production context and comparisons
Venezuela oil production collapsed over the past decade under sanctions, underinvestment, and operational problems. Officials now say output has recovered to levels last seen in February 2019.
Independent data from mid-August 2026 suggests Venezuela oil production ranges from 1.1 to 1.2 million barrels per day. A U.S. Energy Under Secretary, Kyle Haustveit, said on 18 August that Venezuela produces around 1.25 million barrels daily.
PDVSA vice president Jovanny Martinez projected output of 1.245 million barrels per day by the end of August 2026. This projection aligns closely with the government’s current claim.
Analytical firm VeneEconomist reported that July 2026 production reached 1.2 million barrels per day, the highest since 2019. This supports the order of magnitude of the official claim.
PDVSA president Héctor Obregón Pérez stated in mid-August that daily production was 1.233 million barrels per day. He also put refining capacity at about 350,000 barrels per day.
The 50 strategic agreements
Rodríguez also announced that Venezuela has signed about 50 strategic oil and gas agreements since January 2026. These agreements will bring new investments to more than 76 hydrocarbon production areas.
Reuters reported that most of the companies involved are foreign energy firms. These companies have signed deals to develop oil fields and related areas since the start of 2026.
The agreements cover both upstream production and broader hydrocarbon infrastructure. Officials have not disclosed the total value of the investments involved.
Rodríguez framed the agreements as a key part of Venezuela’s strategy to boost output. The exact terms of each deal have not been made public.
Investor interest and international context
International energy companies have shown renewed interest in Venezuela during 2026. This follows U.S. engagement, including the 11 August Treasury meeting in Caracas.
On 11 August 2026, senior U.S. Treasury officials met with Rodríguez in Caracas to discuss plans to increase oil production. They noted existing production of around 1 million barrels per day at that time.
About half of Venezuela’s current output goes to U.S. refineries, according to Under Secretary Haustveit on 18 August. This makes the U.S. a key market for Venezuelan crude.
The new agreements aim to attract private capital to develop over 76 production areas. This marks a significant opening for foreign investment in Venezuela’s energy sector.
Refining capacity and challenges
PDVSA’s refining capacity stands at about 350,000 barrels per day, according to company president Obregón in mid-August. This is a fraction of Venezuela’s historical refining capability.
Refining operations have run at about a third of capacity, as reported by The Rio Times in mid-August. This limits Venezuela’s ability to process its own crude domestically.
The gap between crude production and refining capacity means Venezuela relies heavily on exports. About half of current output goes to U.S. refineries.
Officials have not disclosed specific plans to upgrade refineries. The government’s current focus appears to be on increasing raw crude output.
Official targets for end of 2026
Venezuela’s government and PDVSA target Venezuela oil production of 1.37 million barrels per day by the end of 2026. This target was reported by Reuters and other outlets on 18-19 August 2026.
Reaching this target would require a further increase of about 140,000 barrels per day from the current claimed level. This represents a significant challenge given operational constraints.
The projection of 1.245 million barrels per day by end-August suggests steady growth. Officials expect output to continue rising through the year.
Independent analysts note that production has been volatile for years. Sustaining increases depends on investment and stable operating conditions.
Independent verification and reliability
The 1.23 million barrels per day figure is an official claim from the Venezuelan government. Independent sources have not confirmed this exact number.
OPEC secondary sources and analytical outlets put Venezuela oil production in a 1.0 to 1.2 million barrel daily range. This is close to but not exactly the official figure.
The phrase ‘highest since February 2019’ is repeated consistently across international wire reports. No source in the provided research disputes this characterization.
Some independent reports from earlier in 2026 quote production around 1.1 million barrels per day. This was before the latest increases reported in August.
Exact confirmation of a specific daily figure relies mainly on Venezuelan official statements. The government has not published detailed operational data.
Looking ahead
Venezuela’s oil sector faces both opportunities and obstacles in the coming months. The government’s claims suggest a strong recovery trend in 2026.
The 50 strategic agreements could provide much-needed capital and technology. Success depends on implementation and continued investor confidence.
U.S. engagement has created a more favorable environment. The 11 August meeting between U.S. Treasury officials and Rodríguez signals ongoing dialogue.
Venezuela oil production claims will likely be tested as more data becomes available. Observers will watch whether output actually reaches the stated 1.23 million barrels per day.
The government’s end-2026 target of 1.37 million barrels per day remains ambitious. Meeting it would require sustained growth and operational improvements.
Frequently Asked Questions
What did Venezuela’s government claim about oil production?
Vice-President Delcy Rodríguez said on 24 August 2026 that production exceeds 1.23 million barrels per day, the highest since February 2019.
How many agreements have been signed?
Officials announced about 50 strategic oil and gas agreements signed since January 2026, involving private and international investors.
Are the production figures independently verified?
No, the 1.23 million barrels per day figure comes from official statements by the Venezuelan government and PDVSA. Independent estimates range from 1.1 to 1.2 million barrels per day.
What is the government’s target for end of 2026?
Venezuela’s government and PDVSA target production of 1.37 million barrels per day by the end of 2026, reported in mid-August.
Where does Venezuela’s oil go?
About half of Venezuela’s current output is exported to U.S. refineries, according to U.S. Energy Under Secretary Kyle Haustveit on 18 August 2026.
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Sources
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