Venezuela Oil Output Bump Unlikely Until Decade’s End, ANZ Says

Investors betting on growth in Venezuela oil output will need deep pockets and patience, as aging infrastructure will require billions of dollars in spending, according to Australia and New Zealand Banking Group Ltd.

The regular timeframes to increase oil output are likely to be longer in Venezuela than elsewhere due to the challenges faced by the industry, strategists Daniel Hynes and Soni Kumari wrote in a note Tuesday. “As such, it would be hard to see any impact from increased investment in oil production before the end of the decade, even if the project evaluation process started immediately.”