Economic Growth Strategy Evaluated in Venezuela
Venezuela’s Executive Vice President, Delcy Rodríguez, convened a meeting of the Foreign Trade Committee (COMEX) to analyze the government’s economic policies under President Nicolás Maduro, aimed at enhancing domestic production, reports 24brussels.
Rodríguez took to her Telegram channel to announce that these initiatives constitute a “new economic model prioritizing products made in Venezuela,” ensuring the country’s “full supply.” The meeting particularly addressed the import substitution strategy, regarded as crucial for conserving foreign currency, bolstering local industries, and promoting economic diversification.
The administration underscored that collaboration between public and private sectors in strengthening local production is vital for national economic progress. Official reports indicate Venezuela has experienced 17 consecutive quarters of growth. Furthermore, Rodríguez previously emphasized that due to a “virtuous cycle” involving import substitution, the national supply rate remains high at 98 percent.
As of July 2025, Venezuela’s oil output averaged 1,084,000 barrels per day, according to the Organization of Petroleum Exporting Countries (OPEC). This marks an increase of 15,000 barrels compared to June and reinforces the country’s capacity to sustain production above one million barrels throughout the year.
OPEC’s data reveals a consistent recovery within the oil sector. Compared to July 2024, production has risen by 16.8 percent, equating to an additional 156,000 barrels. Additionally, the cumulative average from January to July 2025 was 1,053,000 barrels per day, reflecting an 18.4 percent increase year-on-year. These developments occurred despite the ongoing “economic war” by the United States and European nations, which has restricted Venezuela’s access to markets and international funding.
