How much oil is Venezuela producing?

Oil minister Hector Obregon said overall output recently reached 1.252 million barrels a day, per Bloomberg via Rigzone on 26 October 2026. In August, US Energy Under Secretary Kyle Haustveit put it near 1.25 million. Both are official statements, not audited data.

What is Nabep's role in the increase?

Nabep, which Bloomberg describes as developing Venezuelan fields in partnership with the US government, reported record western production of 115,000 barrels a day and a sixth drilling rig. Its share of the national total is company-reported and unverified.

Where does the oil go?

Haustveit said in August that about half, over 500,000 barrels a day, goes to US refineries built for heavy crude, with US naphtha flowing the other way. That is an official's remark, and we found no customs or tanker-tracking data confirming it.

Venezuela's 1.252m b/d Rise Rests on Nabep's Rigs

Caracas reports 1.252m barrels a day as a US-backed operator adds rigs. The figures are official or company-supplied, not audited.

Venezuela's reported 1.252 million barrels a day is a step up, but the evidence is official or company-supplied, not audited. Nabep says its western output hit 115,000 barrels a day, while the Office of Strategic Capital, reported to be taking a 35% stake, ties Washington to the result and PDVSA supplies the data.

The Gulf Barrel Desk October 27, 2026 Updated October 27, 2026 · 4 min read

Oil minister Hector Obregon said Venezuela's overall output recently reached 1.252 million barrels a day, as reported by Bloomberg via Rigzone on 26 October 2026; no independent audit of that number was found.
Nabep reported record western output of 115,000 barrels a day and 223,509 barrels of oil equivalent a day across its portfolio as of 19 October, according to the same report.
In August a US Energy Under Secretary said about half of Venezuelan output, over 500,000 barrels a day, was going to the US; that figure is a US official's statement, not customs data.
The Pentagon's Office of Strategic Capital was reported in August to be taking a 35% stake in Nabep, and the deal may face scrutiny if Democrats win the House on 3 November.
This is analysis, not trading advice, and the output figures are unconfirmed by OPEC secondary-source data in the sources reviewed.

Venezuela's oil minister, Hector Obregon, said overall output recently reached 1.252 million barrels a day, according to a Bloomberg report carried by Rigzone on 26 October 2026. The report ties part of the gain to Nabep, a US-government-backed operator in Zulia state. The number is a ministerial statement; we found no independent audit of it, and it is not a trading signal.

What is confirmed, and what is only reported

The 1.252 million barrels a day figure comes from Obregon, relayed by Bloomberg, and is consistent with August remarks by US Energy Under Secretary Kyle Haustveit, who put output near 1.25 million, as reported by Reuters via Hydrocarbon Processing. PDVSA's Jovanny Martinez projected 1.245 million by end-August. Consistency among officials is not independent measurement, so the figure stays a claim.

Nabep's contribution

Bloomberg reported that Nabep's western Venezuela production hit a record 115,000 barrels a day on Friday, and that its portfolio produced 223,509 barrels of oil equivalent a day as of 19 October, about 20,000 more than in August. These are company-supplied numbers, attributed in part to people familiar with operations and PDVSA data. Nabep is also deploying a sixth rig, with three working in the Junin area of the Orinoco belt.

The sovereign-strategy reading

The notable fact is structural: the Pentagon's Office of Strategic Capital said in August it would take a 35% stake in Nabep, per Bloomberg. A Gulf-style NOC Watch lens asks who holds the barrels and the decisions. Here, state-owned PDVSA supplies data and acreage while a US-linked partner supplies capital and rigs, and Nabep says it has reinvested about $1 billion of net revenue over two years.

Where the barrels go

Haustveit said in August that about half of Venezuelan output, more than 500,000 barrels a day, goes to US refineries configured for heavy crude, while over 100,000 barrels a day of US naphtha moves the other way as diluent. That is an official's statement. We did not find customs filings or tanker-tracking data to confirm it, so treat the split as an estimate.

What to watch next

Two checks matter. First, whether OPEC secondary-source estimates and export data corroborate 1.252 million barrels a day. Second, political risk: Bloomberg noted the Nabep arrangement could face Congressional scrutiny if Democrats win the House in the 3 November midterms. Martinez also flagged a gas deficit of 500 million cubic feet a day, a constraint on further growth. This is analysis, not advice.

How much oil is Venezuela producing?: Oil minister Hector Obregon said overall output recently reached 1.252 million barrels a day, per Bloomberg via Rigzone on 26 October 2026. In August, US Energy Under Secretary Kyle Haustveit put it near 1.25 million. Both are official statements, not audited data.
What is Nabep's role in the increase?: Nabep, which Bloomberg describes as developing Venezuelan fields in partnership with the US government, reported record western production of 115,000 barrels a day and a sixth drilling rig. Its share of the national total is company-reported and unverified.
Where does the oil go?: Haustveit said in August that about half, over 500,000 barrels a day, goes to US refineries built for heavy crude, with US naphtha flowing the other way. That is an official's remark, and we found no customs or tanker-tracking data confirming it.

Pentagon's Venezuelan Oil Partner Boosts Output — Rigzone (Bloomberg)
About half of Venezuela oil output now goes to US, Under Secretary Haustveit says — Hydrocarbon Processing (Reuters)