Venezuela hopes to boost its oil production by 18 percent in 2026: state-owned PDVSACARACAS, Jan 25, 2026 (BSS/AFP) - Venezuela wants to boost its oil production by 18 percent this year through planned reforms that will fully open the sector to private investors, the head of the state oil giant PDVSA said Saturday. "We had a law... that was not up to date with what we needed as an industry," PDVSA CEO Hector Obregon said, adding that the target for 2026 "is to grow by at least 18 percent." Current production is around one million barrels per day. US President Donald Trump has made no secret of his interest in Venezuela's oil. If adopted, the bill would roll back decades of state controls over Venezuela's oil sector, which were tightened by Maduro's late mentor, socialist firebrand Hugo Chavez, in the mid-2000s.

Source: Bangladesh Sangbad Sangstha January 25, 2026 02:38 UTC