Repsol quadruples profit and will raise output in Venezuela

Spanish oil company Repsol posted a net profit of 5,006 million euros between January and September 2026, a 325% increase over the same period of 2025. During the first nine months of the year, the company attributed these financial results to the favorable context of international crude prices, driven by the conflicts in the Middle East.

Alongside its overall results, the energy company said it was willing to increase its oil production in Venezuela by 50% over the next twelve months. Repsol holds stakes in strategic assets associated with PDVSA, including the Perla gas project in Venezuelan waters and operating agreements for the management of the joint venture Petroquiriquire.

This projection of greater oil activity coincides with the operational recovery reported by PDVSA, whose output reached 1.25 million barrels per day, according to data published by El Nacional. On the macroeconomic front, International Monetary Fund estimates project real GDP growth for Venezuela of 4.0% in 2026 and 6.0% in 2027, reflecting the influence of the hydrocarbons sector on the country's economic performance.

Going forward, the pace at which these investment plans are carried out will determine the actual impact of extractive activity on foreign currency generation and state fiscal revenue.