Venezuelan crude oil output has climbed to roughly 1.2 million barrels per day as of September 2026, supported by eased U.S. sanctions, new production-sharing contracts, and inflows exceeding $900 million from international operators including Chevron’s multi-year expansion plans. PDVSA has targeted 1.3 million barrels per day by year-end, aided by higher diluent imports, reactivation of Orinoco Belt fields, and additional rig deployments, though logistical bottlenecks and limited drilling capacity continue to constrain faster gains. Recent export volumes to the U.S. have risen sharply, reflecting improved market access and trader participation. Key near-term catalysts include further contract signings, infrastructure upgrades, and any additional regulatory adjustments that could influence capital deployment and sustained output growth through the remainder of 2026.