Despite rising oil production and growing exports, U.S. officials have declined to provide a long-term timeline for the recovery of Venezuela’s oil sector, saying the focus remains on results rather than deadlines.
The position was outlined by U.S. Assistant Secretary of State for Economic, Energy and Business Affairs Caleb Orr during the Energy Imperatives Summit in Washington, according to an S&P Global analysis published June 10.
Orr praised Venezuela’s production gains in 2026 but stopped short of forecasting when the industry could fully recover.
The administration is “focused on outcomes … more than timeframes,” he stated.
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The comments come as Venezuela’s oil output continues to climb. Data from the Ministry of Hydrocarbons showed that state oil company Petróleos de Venezuela, S.A. (PDVSA) and its foreign partners produced an average of 1.155 million barrels per day (b/d) in May, up from 1.13 million b/d in April and 940,000 b/d in January.
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Orr described Venezuela as one of the administration’s key energy initiatives and said Washington is working with authorities in Caracas “every single day” to restore output.
“We’re really only five months out from the Jan. 3 operation,” Orr remarked. “It may feel longer than that, but I think we’re kind of exactly where you would want to see the relationship on a trajectory.”
According to S&P Global, the administration continues to follow a three-phase strategy that includes stabilizing the country, rebuilding the economy and oil sector, and supporting an eventual political transition.
Washington’s push to revive Venezuela’s oil and gas sector follows the January 3 U.S. military operation that resulted in the capture of Nicolás Maduro and his wife.
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Hours after the operation, U.S. President Donald Trump said American oil companies would invest heavily in rebuilding Venezuela’s energy industry.
Washington has long accused Maduro of presiding over a narco-state and manipulating Venezuela’s 2024 election, which the opposition maintains it won decisively.
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The developments triggered security responses across the region.
