In its search to strengthen the oil industry, increase exports, and diversify markets, Venezuela, through Pdvsa, hopes to increase crude oil production by 30% by 2025.

This was recently announced by the Minister of Oil, Delcy Rodríguez. According to the country’s vice president, Venezuelan oil production is currently 950 thousand barrels per day and is expected to close the year at 1.045 billion.

With the goal of increasing crude oil production by 30 % next year, PDVSA is also focusing on fuel supply to meet domestic demand.

On November 20, the president of Petróleos de Venezuela, Hector Obregón, said that “the sector has maintained sustained production and exceeded 1.1 million barrels of oil and other liquid hydrocarbons per day in October.”

He stressed that the country has a large capacity for energy generation, “and with the Paraguaná refinery complex we have 45 thousand barrels of diesel per day and 100 thousand barrels of gasoline per day.”

Rodríguez called on the nearly 300 companies affiliated with the Venezuelan Oil Chamber to create “technical work tables by sectors: refining, exploration, refining and gas, to create a work plan and certify companies so that they can join the hydrocarbon sector in the country.”

M.Pino

Source: talcualdigital

(Reference image source: Francesco Boncompagni in Unsplash)

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The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report, noting that oil production has risen to 30 million barrels per day, representing an increase of 117,000 barrels per day since January. The additional production is mainly attributed to increased oil extractions in Nigeria, which have averaged 79,000 barrels per day.

According to the report, the 13 OPEC members produced a total of 28.92 million barrels per day, although these figures may differ from the official figures provided by individual members.

As for Venezuela, it was reported that the country has extracted an average of 700,000 barrels of oil per day, an increase of 4,000 barrels per day compared to the previous month. However, production dropped to 704,000 barrels per day in February, a decrease of 28,000 barrels per day compared to January.

The OPEC report has not changed its outlook on the global oil market in recent months as it remains uncertain due to various factors. Given the high uncertainty, the OPEC+ alliance will continue to closely monitor market developments to ensure sustainable stability.

K. Tovar

Source: Descifrado

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The International Energy Agency (IEA) expects global oil demand to grow by 1.9 million barrels per day (mb/d) in 2023, to a record 101.7 mb/d in total.

Regarding the data for 2022, the demand for crude oil by the OECD countries “collapsed” 900,000 barrels per day in the fourth quarter of last year due to the poor performance of the industry. On the other hand, the demand in the rest of the countries increased 500,000 barrels per day.

For its part, supply will increase this year by only one million barrels per day, after the 2022 increase of 4.7 mb/d led by OPEC+. Global supply will rise to 101.1 mb/d, another record.

The increase in production this year in countries that are not part of OPEC+ will exceed the drop registered within the oil cartel. Russia recorded a drop of 200,000 barrels per day in December compared to the previous month, to 7.8 mb/d, after the European Union embargo on Russian oil and the entry into force of the G7 cap on Russian crude.

However, Russian diesel exports experienced notable growth, up to 1.2 mb/d, of which 720,000 barrels were destined for the EU. US refinery activity was disrupted by inclement weather, but the disruption was offset by higher production in Europe and Asia.

The IEA estimates that Brent barrel futures will fall $9.51 per barrel to $81.34. The increase in energy efficiency and the boom in the electric car will prevent the additional consumption of 900,000 barrels per day this year.

K. Tovar

Source: La Información

(Reference image source: file)

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The Organization of Petroleum Exporting Countries (OPEC) considers that the new omicron variant of Covid-19 will have a “slight and short-lived” impact on world demand for crude oil, for which it expects that consumption will exceed 100 million barrels daily in 2022, thus exceeding pre-pandemic levels.

In the latest edition of its monthly bulletin, the oil organization confirms its expectations that world oil demand will grow by 5.66 million barrels per day (mb/d) in 2021, up to an annual average of 96.63 mb/d. d.

As for its forecast for 2022, a growth in demand of 4.15 mb/d is expected, up to a total of 100.79 mb/d, which, if finally confirmed, would mean the highest annual oil consumption.

In this sense, although the impact of the omicron variant is expected to be slight and short-lived, OPEC warns that “uncertainties persist” regarding the new variants and the renewed mobility restrictions, in the midst of a recovery otherwise steady global economy, despite current inflation levels, supply chain bottlenecks and ongoing trade issues.

Likewise, OPEC points out, in anticipation of the change in the monetary policy of several of the main central banks, such as the Federal Reserve of the United States or the Bank of England, that the monetary actions of these institutions are not expected to hinder the underlying impulse. of global economic growth, but rather serve to recalibrate economies that would otherwise overheat.

Source: dpa

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The Organization of the Petroleum Exporting Countries (OPEC) recorded an increase in its joint production of 26,000 barrels per day during the month of April, although it was still below its maximum quota, according to the monthly report prepared by the organization on the oil market.

Specifically, the 13 countries that make up the cartel produced 25,083 million barrels per day in the fourth month of the year, compared to 25,057 million the previous month. These data come from the secondary sources managed by OPEC, which are the only ones that offer reliable data for all countries.

In April, OPEC and its allies agreed to maintain the rate of increases planned for the coming months as part of their production control pact to maintain crude prices.

If the data from Venezuela, Libya and Iran, which do not participate in the agreement between OPEC and its allies, are discounted, the cartel produced 21,115 million barrels per day, below the 22,119 million it could have produced in the fourth month of the year, according to the limits set in the production control agreement.

The country that increased the pumping the most was Nigeria, with 75,000 more barrels. Behind were Iran (73,000 more) and Saudi Arabia (34,000 more). On the other hand, Venezuela reduced production by 81,000 barrels while Libya’s fell by 67,000.

K. Tovar

Source: Hellenin

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