Venezuela’s oil production rose 9.4 %, rising from 669,000 barrels per day (bpd) to 732,000 bpd in January, according to the Organization of the Petroleum Exporting Countries (OPEC).

Estimates for 2022 were focused on Venezuela exceeding two million bpd. However, it produced an average of 716,000 bpd, which represented an increase of 12.5% ​​compared to 2021, when average crude pumping was 636,000 bpd.

“Expectations that the nation will increase its production improved after the US company Chevron received, last November, the go-ahead to resume the production and extraction of oil or derivatives from joint ventures with the Venezuelan state PDVSA, which, according to economist Víctor Álvarez, will translate into “an increase of at least 125,000 bpd,” according to sources.

Regarding the South American country’s oil production by 2023, the president of the state-owned PDVSA, Pedro Tellechea, is confident that it will improve.

M.Pino

With information from national and international media

(Reference image source: Delfino Barboza, Unsplash)

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La entrada OPEC assured that Venezuela’s oil production increased 9 % apareció primero en Bitfinance.