Venezuela Oil Output Exceeds 1M BPD as Western Firms Return Under US Control
Venezuelan oil production has surpassed 1 million barrels per day (bpd) for the first time in over seven years, reaching 1.031 million bpd in April according to OPEC secondary sources. This recovery occurs under a new geopolitical framework following hypothetical US military intervention in January 2026, which resulted in US Treasury control over Venezuelan energy revenues. The Trump administration has issued licenses allowing Western corporations, including BP, Chevron, Eni, Repsol, and Shell, to re-enter the sector amid pro-business legislative reforms that reduced royalties and taxes. While state-owned PDVSA reports higher figures, discrepancies exist regarding the inclusion of natural gas liquids. Oil exports have risen to 1.23 million bpd, with increased shipments to US refineries and Indian partner Reliance, while cargoes destined for China and Cuba were intercepted by US naval forces. Major firms like ExxonMobil and ConocoPhillips are evaluating potential returns, seeking to resolve outstanding arbitration awards. The article highlights a significant shift in Venezuela's energy landscape, characterized by renewed Western corporate presence and strict US oversight of financial proceeds.
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