How Much Oil Does Venezuela Produce? 2026 Figures
· Updated
Venezuela produces about 1.15 million barrels of crude oil a day. That is the September 2026 figure from OPEC’s secondary sources, the independent estimate the cartel tracks. The Venezuelan government reported 1,206,000 barrels a day, roughly 56,000 more. Either way, output is far below the 3.1 million b/d peak of 1998, but it is the highest in years: the 2025 average was 1,081,000 b/d.
Venezuela oil production in 2026, month by month
OPEC publishes two numbers for each member every month: what the government reports, and what OPEC estimates from outside sources such as buyers, ports, tanker tracking and satellites.
| 2026 | Government figure | OPEC secondary sources |
|---|---|---|
| January | 924,000 b/d | — |
| July | 1,200,000 b/d | 1,125,000 b/d |
| August | 1,201,000 b/d | 1,133,000 b/d |
| September | 1,206,000 b/d | 1,150,000 b/d |
On official numbers, output rose 30.5% from January to September. The third quarter averaged 1,202,000 b/d, up from 1,167,000 in the second. In September Venezuela supplied 4.58% of OPEC’s 25,097,000 b/d. The country had just 2 active drilling rigs that month.
October figures will come out in OPEC’s November monthly report.
How Venezuela’s output has changed
OPEC annual averages (thousand barrels a day):
| Year | Crude production |
|---|---|
| 1980 | 2,165 |
| 2000 | 2,891 |
| 2010 | 2,854 |
| 2021 | 636 |
| 2022 | 716 |
| 2023 | 783 |
| 2024 | 921 |
| 2025 | 1,081 |
The world produced 74.85 million b/d of crude in 2025, so Venezuela’s share was about 1.4% — tiny for the country with the world’s largest reserves (how much oil Venezuela has).
How much oil does Venezuela export, and to whom?
Venezuela exported 699,000 b/d of crude in 2025, per OPEC, up from 656,000 in 2024.
In September 2026, total oil exports fell almost 9% to 1.08 million b/d. OilPrice.com blamed soaring tanker rates, which forced deeper discounts and delayed cargoes. By destination:
- United States: 629,000 b/d, up from 553,000 in August.
- India: 253,000 b/d, down from 297,000.
- Europe: 86,000 b/d, down from 260,000.
Chevron shipped about 283,000 b/d; trading houses moved 637,000.
What does Venezuelan oil sell for?
Venezuela’s benchmark is Merey 16, a heavy, high-sulfur blend that sells at a discount. Per OPEC’s report, it averaged $93.75 a barrel in September 2026, up $16.93 (22%) from August. Over the first nine months it averaged $73.95, 26% above 2025. The OPEC basket averaged $110.59 in September.
How much of it reaches the U.S., which refineries use it and whether it lowers gas prices: Venezuelan oil and U.S. gas prices.
What changed in 2026
- U.S. sanctions eased, but are not gone. Since January, the Treasury’s Office of Foreign Assets Control (OFAC) has issued general licenses letting U.S. companies buy Venezuelan crude, sell diluents and services and, since May (GL 52), sign new investment contracts and joint ventures with PDVSA. Still barred: PDVSA bonds and debt, and deals involving Russia, Iran, North Korea, Cuba or Chinese-affiliated companies.
- Chevron plans to double output. On September 2 it said it would invest more than $7 billion over five years to reach about 600,000 b/d, roughly twice its current level, after receiving more acreage in the Orinoco Belt. CEO Mike Wirth said the move “reflects our confidence in the country’s deep resource potential.”
- The NABEP deal. According to the White House (August 31), Venezuela granted North American Blue Energy Partners concessions on 17 fields holding about 65 billion barrels, a fifth of proven reserves. The Pentagon is to take a 35% stake, and the State Department can buy 20% of output at production cost. The White House described 100-year concessions; interim President Delcy Rodríguez spoke of 25 years.
Why does Venezuela produce so little with so much oil?
- The crude is extra-heavy. Most of it sits in the Orinoco Belt and must be blended with lighter oil or diluent, or run through upgraders, before it can be shipped. All of that takes capital.
- Years of underinvestment. Years of sanctions and a lack of capital left wells, pipelines and refineries run down. Refineries have 2.15 million b/d of nameplate capacity per OPEC, but run far below it.
- Few rigs. With 2 active rigs in September, most growth comes from reviving existing wells.
What is not known
- The gap between the two counts. It is unclear whether the roughly 56,000 b/d difference between government and secondary-source figures will narrow.
- Chevron’s and NABEP’s timelines. Analysts doubt the plans will be met on schedule, and the fiscal terms of the contracts have not been published.
- The future of sanctions. OFAC licenses can be amended or revoked at any time.
This page is updated every month with OPEC’s report. For the country’s other resources, see our guide to Venezuela’s minerals.