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VINnews · Sep 4, 2026

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*🇺🇸-Goldman Sees Venezuela Oil Rising, But Not Back Above 2 Million Barrels Soon* Goldman Sachs says Venezuela’s crude production should edge higher. It does not expect output to return to pre-2018 levels of more than 2 million barrels a day over the next few years. Venezuela is producing about 1.25 million barrels a day now. That is far below the more than 3 million barrels a day it once produced. Goldman pointed to degraded infrastructure and an unreliable power grid as the main bottlenecks. Those problems will take time and money to fix. Chevron, Eni, and GE Vernova signed expansion deals in Caracas this week. Energy Secretary Chris Wright was there for the signing. Those company deals are separate from the recent U.S.-Venezuela arrangement that gives Washington access to a large share of the country’s oilfields. Wright told CNBC’s Squawk Box the U.S. government will not operate the reserves. He said private companies will drive the production growth. Wright is more bullish than Goldman. He said Venezuela should be well over 1.5 million barrels a day by the first half of next year, and over 2 million barrels a day by the end of the decade.

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