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Venezuela oil production rises as Hunt Oil signs development MOU
Venezuela's oil production reached an average of 1,200,000 barrels per day in July 2026, marking a 1.09% increase from June and a 29.8% rise since January. This growth occurs amid a shifting economic landscape where the country has opened strategic sectors, including oil, mining, and electricity, to foreign capital following legislative reforms aimed at attracting international investment.
In a significant development, Dallas-based Hunt Oil has signed a Memorandum of Understanding (MOU) with Venezuelan authorities to evaluate oil development opportunities. While the company is currently focused on crude oil production, it has not ruled out future involvement in natural gas projects. Hunt Oil plans to manage these potential projects through its regional platform in Peru.
Economists have noted that establishing legal certainty and reducing administrative discretion will be critical for sustaining this influx of foreign investment and stabilizing the national economy.
Entities
Donald Trump · Hunt Oil · José Toro Hardy · OPEC · Venezuela
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Venezuela's crude production averaged 1,200,000 barrels per day (bpd) in July. www.entornointeligente.com
- [○ 1 SOURCE] July production represented a 1.09% increase compared to June. www.entornointeligente.com
- [○ 1 SOURCE] The MOU is initially focused on crude oil production projects, though natural gas is not ruled out. petroleumag.com
- [○ 1 SOURCE] In 2026, extraction volume rose 29.8% compared to January levels. www.entornointeligente.com
- [○ 1 SOURCE] Hunt Oil signed a Memorandum of Understanding (MOU) with Venezuelan authorities to evaluate oil development opportunities. petroleumag.com
- [○ 1 SOURCE] Legal certainty is the key to attracting investment and reactivating the economy.