Venezuela's Oil Production Hits Seven-Year High Amid Investment Reforms

Venezuela's oil production has reached its highest level since February 2019, according to acting President Delcy Rodríguez. The country is now producing 1.23 million barrels per day, a 29.8% increase from the beginning of the year.

This milestone follows the easing of U.S. sanctions and the approval of legal reforms that opened the oil sector to international private investment. Venezuela has signed 50 strategic oil and gas agreements with new investors, which will bring investment to over 76 hydrocarbon production areas across the country.

Despite facing significant challenges, including powerful earthquakes in June, Venezuela's oil production has continued to grow. Rodríguez emphasized the resilience of the economy during her address to the nation on Monday night.