Venezuela says it will lift oil output to 1.5 million barrels a day by year-end

Published Jun 8, 2026 · 13:20 GMT

Venezuela has announced plans to raise crude oil production to 1.5 million barrels per day by the end of the year, presenting it as a recovery of its battered, sanctions-hit industry. We are seeking the view of analysts and critics who question whether that target is realistic after years of decline under US sanctions.

Venezuelan government

Caracas frames the 1.5-million-barrels-a-day goal as proof its oil industry is recovering despite US sanctions, casting higher output as a sovereign economic rebound and a sign that years of pressure have failed to break the sector.

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