Rystad Energy forecasts that Venezuelan oil production will take decades to return to its peak of more than 3 million barrels a day despite a new deal with the US. ^[1] President Donald Trump announced on Friday that the US government will partner with private companies to access 65 billion barrels of Venezuelan oil reserves. ^[2] Under the agreement, the United States will control 55% of the joint venture's production and receive the oil at cost to replenish its Strategic Petroleum Reserve. ^[3] President Donald Trump announced on Friday that the US government is partnering with private companies to gain access to 65 billion barrels of Venezuelan oil reserves. ^[4] Venezuela's current oil output is roughly 1 million barrels a day, which is about one-third of its peak in the 1990s. ^[5] Achieving the goal of over 3 million barrels per day by 2050 will require approximately $85 billion in investments between 2027 and 2040. ^[6] Current Venezuelan oil production is approximately 1 million barrels per day, which is about one-third of its 1990s maximum. ^[7]