Venezuela's oil output hits highest level since early 2019

Venezuela has achieved its highest oil production level since February 2019, announcing a daily output of 1.23 million barrels in August, according to acting president Delcy Rodríguez. This milestone comes amid efforts to attract foreign investment, with the nation having signed approximately 50 agreements for new investments across more than 76 hydrocarbon production areas.

Rodríguez highlighted that the country's oil production continued uninterrupted despite the devastating earthquakes that struck two months prior, which resulted in at least 6,509 fatalities. She also reported 21 consecutive quarters of economic expansion. However, Rodríguez cautioned that substantial work is still needed to fully recover the economy, which has been severely impacted by international sanctions.

In addition to economic recovery, Venezuela has been actively rebuilding its international relationships. Rodríguez noted the country is regaining ties with institutions like the International Monetary Fund (IMF), the World Bank, and the Inter-American Development Bank (IDB). Diplomatic, economic, and consular links with various nations have also been re-established. "We are doing this because Venezuela needs investment, technology, financing, markets, cooperation, and our compatriots in the rest of the world, the Venezuelan diaspora, need a country that can accompany them and provide its services normally," she stated.

Rodríguez assumed the acting presidency after Nicolás Maduro's capture by the United States in January. Since then, she has pursued an open-door policy for foreign investment in strategic sectors like oil, mining, and electricity, working closely with Washington. Official figures indicate a 29.8% increase in oil production from January's 924,000 bpd to 1.2 million bpd in July. This policy shift includes reforms to the hydrocarbons law, which analysts interpret as a departure from Hugo Chávez's legacy.

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Venezuela needs investment, technology, financing, markets, cooperation, and our compatriots in the rest of the world, the Venezuelan diaspora, need a country that can accompany them and provide its services normally.