Venezuela's Oil Revival Accelerates Under New US-Led Order

Venezuela's oil production is experiencing a significant revival following the Washington-led removal of Nicolás Maduro from office in January. U.S. firms are pushing to increase oil output from Venezuela, which holds the world's largest proven crude reserves at approximately 303 billion barrels.

According to Chevron's chief financial officer Eimear Bonner, the company has increased its oil production in Venezuela from 40,000 barrels per day (bpd) to 250,000 bpd over the past few years. This is expected to rise by another 50% by 2028, reaching a total of 420,000 bpd.

Repsol, Spain's oil major, is also actively working with the government to boost production. The company aims to triple its output in Venezuela over the next two or three years, targeting a total of 135,000 bpd. Repsol has amended its operational scope to integrate additional fields into its concession and signed a memorandum of understanding (MoU) to assess and develop new light crude reserves.

The development of Venezuela's oil sector is seen as crucial for the U.S.'s 'new world order', which aims to shift the center of dominance in global energy supplies to the Americas. The U.S. is pumping oil at record highs, around a baseline of 13.6 million bpd, with plans for more down the line.