Decades Away: Venezuela's Oil Output Stuck at Historical Low

Venezuela's oil production is unlikely to return to its peak levels of over 3 million barrels per day for several decades, according to a report by Rystad Energy.

The current output, estimated at 1.1 to 1.25 million barrels per day, remains far below the late 1990s peak despite a recent agreement with the United States aimed at increasing short-term production.

Rystad Energy's report suggests that substantial investment and time are required for Venezuela to reach its historical peak levels of oil production.