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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Through the 2026 Agro-Industrial Plan, the Venezuelan Ministry of Productive Agriculture and Lands is boosting sugar production in the states of Yaracuy, Sucre, and Zulia.

These states contribute more than 3,000 jobs and ensure the supply of this nationally produced product. This was confirmed by the government agency, which, in conjunction with the Venezuelan Sugar Corporation (CVA Azúcar), plans to revitalize the “technical and operational rehabilitation aimed at consolidating self-sufficiency in the national market.”

The 2026 Comprehensive Agro-industrial Plan “promotes milling and refining at the country’s main sugar mills. These advances guarantee solid production to cover national domestic consumption.”

Specifically, by region, in the state of Yaracuy, full operations are reported in the municipality of Veroes. The reactivation of the Santa Clara sugar mill has allowed for the processing of 38,000 tons of muscovado sugar to date. “The industrial infrastructure is maintaining its maximum refining capacity of 600 tons per day, projecting a surplus of 33,500 tons of white sugar and 800 tons of molasses.”

In Sucre state, in eastern Venezuela, milling targets are being met at the Cumanacoa mill. The sugar mill of the same name “reports 100 % progress in its refining areas and 85% in milling.” The complex, located in the Montes municipality, anticipates the start of the harvest at the end of April to process a volume of up to 50,000 tons of sugarcane.

Meanwhile, in Zulia state, the expansion of planting is underway in the South of Lake Maracaibo. The Venezuela Sugar Agro-Industrial Complex, in the Sucre municipality, is prioritizing agricultural development to guarantee raw materials for the upcoming cycles. “After completing a milling of 33,976 tons, the state-owned company activated the planting of 524 hectares of sugarcane at the UPSA (Sugar Agro-Industrial Unit) Torondoy.” This investment in the field guarantees the plant’s operational sustainability and “strengthens the social base by generating 1,200 indirect jobs.”

M.Pino

Source: ultimasnoticias

(Reference image source: Victoria Priessnitz on Unsplash)

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The ministers of the Organization of the Petroleum Exporting Countries (OPEC) and the representatives of the allied producers, led by Russia, which together form the so-called OPEC +, agreed to go ahead with the gradual increase in the supply of crude oil by 400,000 barrels per day for December, as contemplated in the roadmap agreed last July.

With their decision this week, the OPEC + ministers ratified the roadmap for the rebalancing of the oil markets agreed at the summit held last July, when they established a monthly increase of 400,000 barrels until eliminating the adjustment of 5,8 million barrels per day implemented a year ago in response to the crisis due to the coronavirus pandemic.

After a brief meeting by videoconference, the ministers decided to “reconfirm the production adjustment plan and the monthly adjustment mechanism approved at the XIX OPEC and non-OPEC Ministerial Meeting and the decision to adjust up the general monthly production by 0.4 million barrels newspapers in the month of December “.

The OPEC countries and the producers outside the cartel confirmed that they will meet again on December 2.

After the OPEC+ decision was known, the price of a barrel of Brent crude, a reference for Europe, remained above 82 dollars, with an increase of 0.78 %, while WTI crude, a reference for States United, traded above 81 dollars with a revaluation of 0.35 % in the session.

Source: dpa

La entrada OPEC will continue to increase oil production apareció primero en Bitfinance.