The Organization of Petroleum Exporting Countries has indicated that during the month of August Venezuela experienced a 14 % increase in production, reaching 94,000 bpd.
According to the OPEC report, with the figures for Venezuela, in August the average production was 723,000 barrels per day, compared to the drop experienced in July, when 629,000 barrels per day were reached.
The Caribbean country’s crude output has been experiencing ups and downs since the beginning of 2022. It is still far from the goal that Nicolás Maduro had set, of reaching 2 million bpd by the end of this year and 3 million for which comes.
The Venezuelan oil industry was for years one of the strongest in the market. However, during the last decades it has been marked by a lack of investment, management errors, cases of corruption and more recently by the sanctions imposed by the United States.
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