Various factors in the oil sector, such as increased product and production prices, along with new export conditions, could push revenue this year above 100 %.

This is according to experts from Datanalisis, a local firm, who add that “Venezuela was an oil powerhouse in the last century, with production exceeding three million barrels per day in the late 1990s and projections of reaching six million barrels per day in the first decade of the 2000s.”

Negotiations between the United States government and the country’s interim president, Delcy Rodríguez’s actions have led to new OFAC licenses in the hydrocarbons sector, improving the domestic situation.

This is compounded by the recent reform to the Organic Hydrocarbons Law, which expands the participation of private and foreign companies in the oil sector. As a result of this scenario, analysts estimate that Venezuelan oil production will grow between 20 % and 30 % this year, reaching 1.2 to 1.3 million barrels per day.

M.Pino

Source: forbescentroamerica

(Reference image source: Moritz Kindler on Unsplash)      

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