Venezuela's Oil Revival Faces A Critical Services Bottleneck

Venezuela is set to boost its crude production by about 194,000 barrels per day by late 2028, primarily through existing fields due to limited new discoveries. International companies, especially Chevron, are spearheading this effort with significant brownfield investments. However, the revival is hindered by a lack of critical services and equipment, which poses a substantial risk to the ambitious production targets. This situation underscores the challenges Venezuela faces in its oil sector, which is crucial for its economy and international relations, especially with U.S. sanctions still in place.