Venezuela will not return to the oil market this year

Senior analyst at consulting firm FGE Francisco Gonçalves stated that Venezuela’s oil production gains will be quite limited if sanctions against the country are not eased. The highest increase in the first half of 2023 might be around 50,000 barrels per day. The further growth will be rather limited as well.

Global Oil & Gas Strategist at Australia’s Macquarie Group Vikas Dwivedi added that Venezuela is unlikely to reach significant results this year, according to him. The bank forecast oil production gains to be quite moderate at around 75,000 barrels per day.

Paul Horsnell, the head of commodities research at Standard Chartered Bank, also believes that the country’s oil production recovery will be limited. But if a substantial easing of sanctions took place in the near term, the growth potential would increase. The gains could be about 250,000 or even 300,000 barrels per day. However, given the fact that sanctions remain the same, this scenario is unlikely.