Venezuelan oil production fell 4% in July

Venezuela's oil production continues to decline and between June and July fell 4%, equivalent to 32,000 barrels per day

Despite the resounding fall, in recent months it has stabilized around a pumping of about 700,000 barrels per day (bd). The data were incorporated into the monthly report released in Vienna by the Organization of Petroleum Exporting Countries (OPEC).

Extractions in the Venezuelan nation, one of the founding partners of OPEC and until recently one of its largest producers, went from 774,000 bd in June to 742,000 bd in July, as the report reveals.

Since 2015, Venezuela’s production has fallen by almost 70% due to the country’s severe economic crisis and the US sanctions on the oil industry.

According to data from secondary sources, Venezuela occupies the tenth position in oil extraction of the 14 OPEC member countries, ahead only of Ecuador, Congo, Gabon and Equatorial Guinea.

L. Sáenz

Source: Banca & Negocios

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