The EIA estimates that Venezuela's oil production may recover to pre-embargo levels by the middle of 2026.

The U.S. Energy Information Administration said on Tuesday that the U.S. is expanding licenses for transactions related to Venezuela, and it is expected that by mid-2026, the oil production of this South American country will recover to the levels before the U.S. imposed a naval blockade on the country in December. Venezuela's national oil company was forced to significantly reduce production after implementing a strict naval blockade in Washington. The blockade cut off Venezuela's ability to export oil, leading to millions of barrels of crude oil being stored in onshore tanks and ships. Before the blockade, Venezuela's daily crude oil production was around 1.1 to 1.2 million barrels.