Venezuela seeks to increase its crude oil production by 18% in 2026 with a reform to its oil law, in the face of a complete opening to private companies at times of strong pressure from USA after the fall of Nicolás Maduro.
In a turn of his statist modelthe country with the higher reserves proven crude oil in the world is heading towards a oil opening with a view to facilitating business with USA and increase the flow of dollars.
“The milestone and goal for 2026 is to grow by at least 18% beyond the goal with which we close in 2025,” he indicated on Saturday. Hector Obregonpresident of the state Petroleos de Venezuela (PDVSA).
Venezuela achieved that year a production quota of 1.2 million barrels of crude oil, a milestone after reaching all-time lows around 360,000 barrels in 2020, but still far from 3 million that was extracted at the beginning of the century.
Reform of the Hydrocarbons Law and opening to private investment
A reform to the Hydrocarbons law received a first favorable vote on Thursday at Venezuelan Parliament and awaits final approval next week.
“We had a Hydrocarbon law that was not updated to what we as a hydrocarbon industry needed,” he said. Obregon to PDVSA workers at an event to discuss the proposed modification to the regulations.
International reactions and current political context
The reform has the objective of “achieving the updating of the legal system in the field of hydrocarbons in order to guarantee that the private investor can have legal certainty“he said from the refinery Puerto La Cruzin the east of the country.
- The management of the president Delcy Rodriguezwho assumed duties temporarily after Maduro’s capture in a military raid on January 3, is advancing under pressure from the US president, donald trumpwho has said he is in charge of the country and will control crude oil sales.
Rodríguez reported that the country received a first round of 300 million dollars after the sale of its oil by USA.
Saudi Arabia ruled out on Friday that the new situation in Venezuela after the capture of Maduro and the intention to USA increasing oil production will have a “big impact” on the market.
