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Venezuela’s Oil Production to Decline in 2025 amid US Sanctions: Rystad

OIL

The US’ reimposition of oil and gas sanctions on Venezuela is to hamper production by 120k b/d by 2025, according to Rystad Energy’s Senior Vice President Jorge Leon.

  • Venezuela’s production is expected to plateau at 910k b/d in 2024, before declining to 890k b/d in 2025.
  • Oil output in a no sanctions scenario had been modelled at 1.1m b/d.
  • Rystad added that there is scope for increased production under specific US licenses for companies to continue operations beyond May 31, or if sanctions are lifted again soon.
  • “Availability of heavy crude from other sources may prove to be challenging for the US refining system as market tightness is particularly acute in the heavy sour crude segment,” Leon said.
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