Venezuela continues to advance in the US oil market

The country has managed to maintain sixth place in the export ranking, in May it exported 224.000 bpd, representing a year-on-year increase of 17%

Venezuela continues to gain ground in the US crude oil market. For the third consecutive month, the country has managed to maintain sixth place in the export ranking, with a volume of 224.000 barrels per day in May, says Banking and Business.

This figure represents a year-on-year increase of 17% compared to the same month in 2023 when it reached 185.000 barrels per day (bpd).

The milestone not only confirms the recovery of Venezuelan oil production, but also its ability to satisfy the demand of the North American market, which was the largest oil consumer in 2023.

The production Venezuelan oil company registered a significant increase during the month of June 2024, closing with an extraction of 922 thousand barrels of crude oil per day.

This is how figures from the Organization of Petroleum Exporting Countries (OPEC) were outlined in its most recent monthly report, which detailed that the country had a growth of 12 thousand barrels per day compared to the month of May, which represents a relative increase. monthly of 1,32%.

Venezuela has progressive growth in its oil production in the last months of 2024, despite the almost a thousand Unilateral Coercive Measures that weigh on the country and that are especially directed against its basic industries such as oil.

Official data places Venezuela as the second member country of the Organization of Petroleum Exporting Countries (OPEC) with the greatest increase in crude oil extraction in June, behind Nigeria whose pumping rose by 25.000 BPD.