Rob Rennie, head of commodity and carbon research at Westpac Bank, said that after US military action, Venezuelan crude oil production may increase by 300,000 to 500,000 b/d in the next 12 to 18 months as oil fields that were previously discontinued are restarted. Production is expected to rise to around 1.5 million b/d in the next few years as the political situation stabilizes. He added that if all goes well, Venezuela's crude oil production could rise from an average of around 930,000 b/d last year to close to its level of around 3 million b/d in the mid-2000s.

Rob Rennie, head of commodity and carbon research at Westpac Bank, said that after US military action, Venezuelan crude oil production may increase by 300,000 to 500,000 b/d in the next 12 to 18 months as oil fields that were previously discontinued are restarted. Production is expected to rise to around 1.5 million b/d in the next few years as the political situation stabilizes. He added that if all goes well, Venezuela's crude oil production could rise from an average of around 930,000 b/d last year to close to its level of around 3 million b/d in the mid-2000s.