President Donald Trump announced Friday that the United States government will partner with private companies to gain access to 65 billion barrels of Venezuelan oil reserves. Under the agreement, the United States will control 55 percent of joint-venture production and receive oil at cost price, with the supply used to replenish the Strategic Petroleum Reserve.
Venezuela’s depleted output
Venezuelan production stands at roughly 1 million barrels per day, about one-third of its 1990s peak of more than 3 million barrels daily. Rystad Energy expects a return to that peak to take decades, even if an agreement with Washington lifts output in the short term.
The path back runs to 2050
The first increase would come from existing wells, rising from about 157,000 barrels per day in 2027 to 680,000 barrels per day by 2030, according to a market update the energy consultancy published Monday. Those fields would reach 740,000 barrels per day in the early-to-mid 2030s. New exploration in the Orinoco Belt would begin producing significant volumes around 2035, reaching 840,000 barrels per day by 2040 and close to 2 million barrels per day by 2050.
