Venezuela must be on a par with Russia, the United States and Saudi Arabia in terms of hydrocarbon production and intends to increase investments in the oil industry to $ 1.4 billion by 2026.
This was stated by the acting President of Venezuela Delcy Rodriguez on the television channel Venezolana de Televisión.
“Venezuela must transform from a country with the largest oil reserves on the planet into a giant producer of hydrocarbons, a giant alongside Russia, the United States and Saudi Arabia“, Rodriguez said. According to her, despite sanctions in place for more than a decade, oil production in the Bolivarian Republic reached 1.2 million barrels per day in 2025.
The presidential commissioner, who is also the minister of hydrocarbons, announced that investments in the oil industry amounted to $900 million in 2025 and are expected to reach $1.4 billion in 2026.