Ramping oil production in Venezuela will yield limited short-term gains, IEA says

Core Insights - Increasing oil production in Venezuela will require time and will yield only limited short-term benefits according to the chief energy economist at the International Energy Agency [1] Industry Summary - The Venezuelan oil industry has faced years of neglect, which has significantly impacted its production capabilities [1] - The process of ramping up production is expected to be gradual, indicating that immediate improvements in output may not be realized [1]