Crude output in Venezuela could increase up to half a million barrels per day in the next two years if Venezuela is politically stable and U.S. companies invest there, oil analysts said following the U.

Secretary of State Marco Rubio on Sunday touted what he called a unique U.S. capability to refine Venezuela's abundance of crude oil, a linchpin of the Trump administration's takeover strategy for the country.

Fully restoring Venezuelan production will take years, but some can be restored through maintenance, which would be low-cost and low-risk.

The world is producing more oil than it needs, so 2026 prices are expected to be lower. The question is how low a barrel will get. “$50 to $60 range is what most are seeing. Now some are calling for prices to dip into the $40s,” said Garrett Golding with the Dallas Fed.

Most of the reserves in the country are extra-heavy oil that’s tough to extract and generates more greenhouse gases.

Following are key facts about the oil and mining sectors of Venezuela, whose President Nicolas Maduro was captured by U.S. forces on Saturday.

Forbes contributors publish independent expert analyses and insights. Robert Rapier is a chemical engineer covering the energy sector. This article is more than 2 years old. CRANE, TEXAS - MARCH 12: In an aerial view, an oil pumpjack works in the Permian ...

Oil prices are soaring to seven-year highs, but don’t expect US oil producers to ramp up supply. On the face of it, it’s an ideal time for US firms to cash in on high prices after Russia’s invasion of Ukraine: Traders are nervous about purchasing ...

Nigeria’s oil production rebounded strongly in 2025 under sector reforms and rising investment, but output still fell well short of the government’s ambitious targets.

Ukraine said its drones struck the largest Russian gas processing plant in the Orenburg region, which also processes gas from Kazakhstan’s Karachaganak oil and gas condensate field.