A potential resurgence of Venezuela as a major oil producer could exert downward pressure on global oil prices in the long term, potentially impacting nations like Russia, according to industry analysts.

Venezuela's current oil output hovers around 1.1 million barrels per day. Experts suggest that, under the right conditions, the nation could double or triple this figure, returning to levels seen historically. However, this resurgence hinges on significant investment and the establishment of a stable political environment, a factor currently shrouded in uncertainty.

The prospect of increased Venezuelan oil production introduces a new dynamic to the global oil market. A surge in supply could offset production cuts by other major oil-producing nations, potentially leading to lower prices at the pump for consumers worldwide. This scenario would also put pressure on countries like Russia, whose economy is heavily reliant on oil revenues.

Venezuela's oil industry has suffered from years of neglect and international sanctions, resulting in a state of disrepair. Rebuilding this infrastructure will require substantial capital investment and time. While some reports suggest the infrastructure remains largely intact, experts like Patrick De Haan, lead petroleum analyst at GasBuddy, emphasize the long-term decay and the need for extensive reconstruction.

The future of Venezuela's oil industry remains uncertain, contingent on political stability and the willingness of American oil companies to invest heavily in the country. The political landscape is further complicated by conflicting claims of leadership, adding another layer of risk for potential investors. The timeline for a significant increase in Venezuelan oil production remains unclear, but its potential impact on global oil prices is a factor that market participants are closely monitoring.