Venezuela’s crude oil production has climbed above 1.1 million barrels per day in April 2026, up from sub-1 million levels earlier in the year, following U.S. sanctions relief and expanded export licenses granted after the January political transition. This rebound reflects renewed participation by Chevron and trading firms such as Vitol and Trafigura, which have cleared storage constraints and boosted exports to the United States, India, and Europe. Analysts at JPMorgan and Goldman Sachs project a gradual rise toward 1.3–1.5 million barrels per day by year-end, contingent on sustained operational continuity and modest infrastructure maintenance. Reaching materially higher thresholds would require accelerated foreign investment and resolution of chronic underinvestment in upstream facilities, factors that remain uncertain amid ongoing regulatory and logistical hurdles.