The Venezuelan oil production level represents a 29.8% increase since the beginning of the year and follows the easing of U.S. sanctions and the approval of legal reforms that opened the oil sector to international private investment. File Photo by Henry Chirinos/EPA
Aug. 25 (UPI) -- Venezuela's oil production has reached 1.23 million barrels per day, its highest level since February 2019, acting President Delcy Rodríguez announced.
The production level represents a 29.8% increase since the beginning of the year and follows the easing of U.S. sanctions and the approval of legal reforms that opened the oil sector to international private investment.
In an address to the nation Monday night, Rodríguez said Venezuela has signed 50 strategic oil and gas agreements that will bring new investment to more than 76 hydrocarbon production areas across the country.
Weeks after then-President Nicolás Maduro was captured in a U.S. military operation in January, Venezuela's National Assembly unanimously approved a sweeping overhaul of the country's Organic Hydrocarbons Law.
