Rob Rennie, Head of Commodities and Carbon Research at Westpac, said that following U.S. military action, Venezuela’s crude oil production could increase by 300,000 to 500,000 barrels per day over the next 12 to 18 months as previously idled oil fields resume operations. In the coming years, as the political situation stabilizes, production is expected to rise to approximately 1.5 million barrels per day. He added that if all goes well, Venezuela’s crude oil production could rebound from last year’s average of about 930,000 barrels per day to a level close to its mid-2000s average of approximately 3 million barrels per day.