Through her Telegram channel, Venezuela’s Executive Vice President Delcy Rodríguez highlighted that these actions are part of a “new economic model that prioritizes products made in Venezuela,” an approach that guarantees the country’s “full supply.” The meeting reviewed the import substitution mechanism, described as a key strategy for saving foreign currency, boosting local industry, and economic diversification.

The government pointed out that strengthening local production, in collaboration with public and private companies, is a key factor in the country’s economic growth. According to official figures, Venezuela has recorded 17 consecutive quarters of growth. In addition, Rodríguez had previously highlighted that, thanks to a “virtuous cycle” that includes import substitution, the national supply rate remains at 98 percent.

In July 2025, oil production in Venezuela reached an average of 1 million 84 thousand barrels per day, according to a recent report by the Organization of Petroleum Exporting Countries (OPEC). This figure represents an increase of 15,000 barrels compared to June and consolidates the country’s ability to maintain its pumping above 1 million barrels throughout 2025.

OPEC data reflects a sustained recovery in the industry. Compared to July 2024, production grew by 16.8 percent, equivalent to an additional 156,000 barrels. Likewise, the cumulative average between January and July 2025 was 1,053,000 barrels per day, an increase of 18.4 percent over the same period last year. According to the report, these results were achieved despite the “economic war” imposed by the United States and European nations, which limited Venezuela’s access to markets and international financing.

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