Venezuela’s oil production is growing at a crucial time, with conflict in the Middle East disrupting traffic in the Strait of Hormuz, thereby crimping global petroleum supply. While estimates vary, industry experts believe it will take up to $220 billion to repair Venezuela’s heavily corroded oil industry infrastructure. Indeed, despite the changes, Venezuela’s oil minister retains tremendous discretion over tax rates and contract allocations, creating the type of uncertainty Big Oil hates. Unless investment expands considerably, Venezuela’s oil production will remain capped at around one million barrels per day. Despite the negative events that are impacting Caracas, and the White House’s plans to grow Venezuela’s oil production, there is considerable pressure to do so since war erupted in the Middle East.