Goldman Sachs has indicated that Venezuela's crude oil production is projected to see a modest uptick, yet it will be challenging to regain the pre-2018 levels of over 2 million barrels per day in the coming years due to a variety of constraints.

In a research note dated September 2nd, analysts Yulia Zhestkova Grigsby and Daan Struyven highlighted that aging infrastructure and a fragile power grid present significant hurdles, and resolving these issues swiftly would require substantial investment. The nation's crude output stood at 1.1 million barrels per day in July.

Meanwhile, Venezuela's combined exports of crude and condensate have risen by 400,000 barrels per day year-on-year, with the United States emerging as its primary buyer over the past five months.