Venezuela increased its oil production to 625 thousand barrels a day

The Organization of Petroleum Exporting Countries (OPEC) published in its November report that Venezuela increased its oil production for the fourth consecutive month, achieving an average of 625,000 barrels per day, which represents an increase of 15,000 barrels per day, compared to the month of October, and 89 % when compared to the same month last year.

The OPEC report also indicates that the South American country registered a very important increase, in a year and a half, when observing the minimum level reached in July 2020, which reached 392,000 barrels per day.

The data provided in the report indicates that Iran reduced its production by 15,000 barrels a day, while Libya decreased its production by 9,000 barrels per day, which means a depreciation in production 2.47 % for Iran and 1.14 % for Libya.

OPEC trusts that it will be able to gradually increase its supply of crude oil in the global arena, together with Russia and other allied partners that will continue to offer services so that they can satisfy the existing demand in the world.

Recovering the markets

OPEC is cautious about the market outlook, maintaining demand for 2022. In this area, the organization expects oil consumption to return to its pre-pandemic level in the second half of 2022.

After the historical plunge of almost 10 % in 2020, demand increased this year by 5.65 million barrels per day, or 6.22 %, to average 96.44 mbd. While for next year another increase of 4.15 mbd (4.3 %) is expected, which would reach 100.79 mbd, a level slightly higher than that registered in 2019 (100.10 mbd), before the fall triggered by the restrictions imposed in the fight against Covid-19.

M. Rodríguez

Source: elnacioanal.com