The agreements are positioned as central to Venezuela’s economic recovery strategy. Rodríguez stated current oil production exceeds 1.2 million barrels per day according to the latest official figures, representing an 8% increase for the year after January output declined during what she characterized as a U.S. naval blockade in the Caribbean. The government anticipates the full production impact will materialize starting next year.
Venezuela is linking the oil deals to broader economic improvements and employment generation. Rodríguez indicated the 61 signed agreements across petroleum, gas, and petrochemical sectors are projected to create 320,000 direct, indirect, and derivative jobs over four years. The administration plans to implement a wage policy beginning in 2027 that would tie salary growth above GDP expansion, explicitly aiming to channel agreement benefits to workers.
The government cited ECLAC projections to claim Venezuela will lead Latin American economic growth for a third consecutive year. Third-quarter expansion is estimated at 6.5% despite the June 24 earthquakes. Rodríguez asserted this growth is reducing inflation and narrowing the exchange rate gap between official and parallel dollar rates from above 60% in January to 11.7% currently.
Venezuela expects to receive $12 billion in public and private financing over two years following renewed engagement with the IMF, World Bank, and Inter-American Development Bank. The government also outlined plans to add 1,300 megawatts to the thermoelectric system before December and 7,400 megawatts medium-term through agreements with GE Vernova, Impsa, Siemens parts access, and Chinese cooperation. The Campo Perla gas field, developed by Repsol-Eni joint venture Cardón IV, currently supplies 35% of national gas consumption at approximately 580 million cubic feet daily from estimated reserves of 17 trillion cubic feet.
This article was curated and published as part of our South American energy market coverage.
