Venezuela oil production projected to exceed 2 million barrels daily by 2030

Venezuela's oil production is projected to increase significantly under a new agreement with the United States. U.S. Energy Secretary Chris Wright stated that Venezuela's daily output is expected to exceed 2 million barrels by 2030, up from its current level of approximately 1.2 million barrels. This follows an agreement announced by President Donald Trump that allows the U.S. to control roughly one-fifth of Venezuela's proven oil reserves and purchase oil at cost. While Venezuelan Acting President Delcy Rodriguez emphasized that the nation will maintain sovereignty over its resources, the Venezuelan National Assembly and military have expressed support for the deal.

On a regional scale, oil production in Latin America and the Caribbean rose by 10% year-on-year to 318 million barrels in April 2026, according to Olacde. Brazil, Mexico, and Venezuela together account for 70% of this regional volume. However, the region's proven reserves have declined to 334 billion barrels, reducing the expected duration of these reserves to 87 years, the lowest level since 2015. This decline is attributed to accelerated extraction rates outpacing the discovery of new fields.