Venezuela Could Raise Production by 200k b/d: Rystad

Venezuela could increase its oil production by 200k b/d within six months should it finalise a deal on sanctions relief with the US, according to Rystad energy.

• “However, the potential expansion is hindered by the prolonged lack of investments in the industry,” making any gains “a relative drop in the ocean on the global stage,” Rystad’s Senior Oil Market Analyst Sofia Guidi Di Sante says in a report.
• “It is unlikely that a production boost from the country would be able to bring significant relief to oil markets in the short term,” she added.
• Venezuela’s Maduro government agreed to electoral guarantees for its political opposition in the 2024 presidential election Tuesday – opening the door for possible US sanctions relief for its oil.