According to a Rystad Energy report, Venezuelan oil production is expected to take several decades to return to its historical peak of more than 3 million barrels per day. Current production stands at 1.1 to 1.25 million barrels per day, far below the late 1990s peak. Despite a recent agreement with the United States anticipated to boost near-term output, substantial investment and time will be required. The development aligns with a broader pattern of sanctions relief and licensing intended to raise Venezuelan supply from 2020 lows.
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