The Organization of the Petroleum Exporting Countries (OPEC) indicated in a report last week that Venezuelan crude production grew 3.8% in May, reaching 1.17 million barrels per day.

“So far this year, the country’s oil production, which boasts the world’s largest proven crude oil reserves, has increased by 27.6 %, from 924,000 bpd in January, when the United States maintained a blockade on oil tankers entering and leaving Venezuela.”

During the reporting period, the organization recorded an average daily production of 18.82 million barrels (mbd) of crude oil, “some 9.8 mbd (34%) less than the production in February, before the conflict with Iran and the blockade of the Strait of Hormuz.”

M.Pino

Source: notitarde

(Reference image source: David Thielen on Unsplash)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada Venezuelan crude production grew 3.8 % in May apareció primero en Bitfinance.

According to the report of the Organization of Petroleum Exporting Countries (OPEC); in the month of January Venezuela exceeded one million barrels of daily oil production.

“Venezuelan production reached the figure of 1,031,000 barrels of daily crude oil based on direct estimates, which means an increase of 33,000 barrels of daily crude oil compared to December 2024,” according to the organization.

However, according to secondary sources, crude oil production in the first month of 2025 was 892,000 bpd, which represents a decrease of 18,000 barrels compared to the previous month.

It is known that the production figure above one million barrels per day “was a goal set by the Venezuelan government, after several years of difficulties in its oil industry.”

According to the data referred to on Wednesday, February 12, the average of the main Venezuelan reference crude, Merey, showed an increase and was quoted at $66.86 per barrel, compared to the $61.13 it had in December 2024.

M.Pino

Source: xinhuanet

(Reference image source: Delfino Barboza on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Venezuela exceeded one million barrels of daily crude oil production in January apareció primero en Bitfinance.