The Daily Journal.- Venezuela’s oil production averaged 1.2 million barrels per day in July, up 1.09% from June, according to official figures cited by the Organization of the Petroleum Exporting Countries (OPEC) and reported by EFE.
Output rose from 1.187 million barrels per day in June to 1.2 million in July, according to OPEC’s monthly report released Wednesday. With this increase, Venezuelan oil production has climbed 29.8% so far in 2026, compared with the 924,000 barrels per day recorded in January.
The increase comes amid changes to Venezuela’s regulatory framework and greater openness to foreign companies’ participation in the energy sector. In January, Venezuela’s National Assembly approved a reform of the Hydrocarbons Law promoted by acting President Delcy Rodríguez, aimed at facilitating new investment.
Greater energy coordination between Caracas and Washington has also shaped the sector’s performance. In February, U.S. Energy Secretary Chris Wright traveled to Venezuela and reached a long-term energy partnership agreement with Rodríguez.
U.S. President Donald Trump has publicly supported the increase in Venezuelan production. In July, he said Venezuela was doing “better than ever with oil” and that the United States was obtaining a significant share of the crude oil that the country produces.
With information from EFE
