Goldman Sachs: Venezuela oil output to rise, not to pre-2018 levels

This forecast underscores the structural limits of Venezuela's oil recovery, pointing to infrastructure decay and power instability as binding constraints rather than mere policy shifts. For energy markets, the implication is that any supply growth will be incremental, keeping the country's output a marginal factor in global balances. The key question is whether the cited bottlenecks can be addressed faster than Goldman assumes, or if external investment and operational changes could accelerate the timeline, which would shift the supply outlook.