Venezuela’s oil production report

• The increase in crude oil pumping has occurred despite the resumption, in mid-April, of sanctions on oil and gas by the United States.

The Organization of the Petroleum Exporting Countries (OPEC) reported on July 10 that Venezuela’s oil production averaged regarding 904,000 barrels per day (bpd) in the second quarter of the year.

This figure represents an increase of 4.62% compared to the first three months of 2024, when it averaged 864,000 bpd, according to official figures included in the OPEC report.

In June, crude oil production in the country, which has the largest proven oil reserves in the world, grew by 1.31% compared to May, rising from 910,000 bpd to 922,000 bpd.

Price of a barrel of oil.
On July 9, the price of a barrel of OPEC oil closed at $85.91.

President Nicolás Maduro had assured, at the end of June, that the country’s oil production had reached one million barrels per day, however, the data provided by OPEC contradicts the figures of the Venezuelan Executive.

He also said that Venezuela would reach three million and “more” barrels of crude oil production, without giving an approximate date for reaching that goal.

Photo: EFE

Previous figures on oil production in Venezuela

According to figures from OPEC’s previous report, published on June 11, Venezuela’s oil production in May reached 910,000 bpd, an increase of 3.6% compared to April.

In April, it reached 878,000 bpd, an increase of 0.45% compared to March, when it averaged 874,000 bpd.

The increase in crude oil production has occurred despite the resumption of oil and gas sanctions by the United States in mid-April, following being suspended for six months.

With the reimposition of sanctionstransnationals must request a license from the Office of Foreign Assets Control (OFAC) to do business with Petróleos de Venezuela (PDVSA).

Photo: PDVSA.com

Plans between PDVSA and Chevron

The joint venture Petroindependencia SA, with operations in the country of PDVSA and the American Chevron, activated the first of the 17 new generation wells that it plans to install this year as part of the 2024 Drilling Plan.

According to a press release from PDVSA, the drill began operations in February in the Orinoco Oil Belt, a large area in the east of the country that houses its largest crude oil reserves, in compliance with the provisions of the “operating plan drawn up by the joint venture” for increase national crude oil production.

In recent months, Venezuela has expanded its international cooperation in the energy sector, signing agreements with Spain’s Repsol, France’s Maurel & Prom and Mexico’s Pemex, among others.

Related news