Venezuela’s crude output has climbed steadily in 2026 following the January political transition and subsequent U.S. licensing for exports, which eased storage constraints and restored access to diluents. Official figures reported to OPEC reached 1.206 million barrels per day in September, up modestly from 1.201 million in August, while secondary sources placed the level at 1.15 million. New workover and drilling rigs deployed by private operators, combined with fiscal reforms that reduced the government take to 20–35 percent on many projects, have supported the recovery from sub-1 million levels early in the year. Analysts note operational bottlenecks and infrastructure limits could cap further gains short of the 1.3–1.4 million targets eyed for year-end.