Venezuela's oil production reached 1.1 million barrels per day in March, according to industry data, marking a significant milestone for the South American nation's struggling petroleum sector.

The production figure represents a notable recovery for Venezuela's oil industry, which has faced years of decline due to economic sanctions, infrastructure deterioration, and political instability. The country, which sits atop some of the world's largest proven oil reserves, has been working to rebuild its production capacity.

Meanwhile, ExxonMobil confirmed that it has a team currently in Venezuela evaluating potential oil opportunities in the country. The presence of the American energy giant signals growing international interest in Venezuela's oil sector as geopolitical conditions evolve.

The timing of both developments comes as global energy markets continue to face supply pressures and companies seek to diversify their production portfolios. Venezuela's oil industry has historically been a major component of the global energy supply chain.

ExxonMobil's evaluation activities suggest the company is conducting preliminary assessments of potential investments or partnerships in Venezuelan oil assets, though no specific projects or commitments have been announced.