Institutions: It takes decades for Venezuelan oil production to return to peak levels

According to the energy intelligence company Rystad Energy, it will take decades for Venezuela to recover its oil production to its peak level of more than 3 million barrels per day. Although the agreement with the United States had led to a recent increase in Venezuela ' s production, it was expected that new oil production would initially come from existing oil wells, increasing from approximately 157,000 barrels per day in 2027 to 680,000 barrels per day in 2030. The production of these existing oil fields will reach 740,000 barrels per day in the early and mid-2030s. Rystad expects that, by 2035, oil production will increase to 2.3 million barrels per day and will exceed 3 million barrels by 2050, in combination with new projects in Venezuela. In order to achieve this goal, some $85 billion in investments will be required from 2027 to 2040。