Maduro insists on increasing the pumping of crude oil in the midst of an energy crisis generated by the invasion of Russia. He said they will achieve it “rain or shine” and hand in hand “with the working class.” Experts say that Venezuela does not have the capacity to do so.
The president of Venezuela, Nicholas Maduroreiterated that the oil production goal for this year is two million barrels per day, which would mean a 164.9% increase compared to the pumping at the beginning of the year, of 755,000 barrels, according to reports from the Venezuelan authorities to OPEC.
“This year we are going to two million barrels per day llueva, truene o relampaguee. This year we recovered oil production hand in hand with the working class”, said the president during a meeting with representatives and workers from the productive sectors, broadcast by the state channel Venezolana de Televisión (VTV).
The promise of exceeding the threshold of two million barrels had already been announced on January 15 during the presentation of his report and he tells before the National Assembly (AN, Parliament), with a Chavista majority.
“Regarding oil production, in December we achieved an important milestone by reaching the production of one million barrels per day with a single and exclusive national investment, and with the participation of oil workers. This year Our goal is to reach 2 million barrels per day”he said then.
Maduro insists on increasing oil pumping in the midst of an energy crisis generated by the invasion of Russiathe world’s second largest oil producer, to Ukraine, and following an unexpected meeting was held between the governments of Venezuela and the United States, which detailed that among the “different issues” they discussed, one was regarding “energy security”.
Experts distrust
Various economists and oil experts they distrust that the production of Venezuelan crude reaches two million barrels per dayand maintain that the Caribbean country would not have the capacity to cover the deficit left by Russia in the supply of crude oil following the sanctions of the Joe Biden government, in a scenario in which the US relaxes the measures once morest the state-owned PDVSA.
“I don’t know where Venezuela is going to get oil and derivatives to increase its production and thus be able to sell crude oil and products to the US. Venezuela is not in a position to replace Russia to supply oil to the US market, especially since 70% of that oil is products. The refining park is only working at 10%,” economist Rafael Quiroz said on Twitter.
On the other hand, Maduro also promised that in 2022 the production of oil derivatives, petrochemicals and gas will be increased.
“This year 2022 has to be the year of inflection, between before and following, between the time of resistance and the time of accelerated and consolidated growth, sustained, the growth of the entire economy, everything from the microeconomy of entrepreneurs to the macroeconomics of large oil production,” he added.
