Venezuelan crude oil production has stabilized near 1.1–1.2 million barrels per day in mid-2026 following U.S. sanctions relief via expanded OFAC general licenses that permit established firms including Chevron to export and support operations. This marks a modest rebound from sub-1 million bpd levels earlier in the year amid prior export restrictions, though output remains far below the historical peak above 3 million bpd due to decades of underinvestment, degraded infrastructure, and limited access to diluents and capital. Recent OPEC secondary-source data confirm output hovering between 900,000 and 1.1 million bpd through June, with analysts projecting only gradual gains to perhaps 1.3–1.5 million bpd over multiple years absent major new field development. Key near-term catalysts include further sanctions adjustments, foreign investment commitments, and quarterly production figures, while low global crude prices and political uncertainty continue to constrain rapid expansion.