Currently, Venezuela produces around 800,000 barrels of oil a day, less than 1% of global output, according to Kpler, which tracks shipping data. Production could rise by about 150,000 barrels a day within a few months if sanctions are lifted, but getting back to 2 million barrels a day or higher would require “massive reforms” and large investments from international oil companies, according to Matt Smith, Americas lead oil analyst at Kpler.