Venezuelan oil production rose 4 % in February

According to the Organization of Petroleum Exporting Countries, OPEC, Venezuela's production in the month of February reached 877,000 barrels per day, which represents an increase of 4 %

The Organization of Petroleum Exporting Countries, OPEC, indicated that during the month of February of this year, Venezuela increased its production to 877,000 barrels per day.

The figure represents an increase of 4 % compared to the same period in 2023, when oil production reached 704,000 bpd.

According to official data, crude oil pumping has increased 24.5 %. Regarding Venezuelan crude oil exports, a recent report indicates that they increased 7.4 % in the first two months of 2024 compared to the same period of the previous year, up to 27.6 million barrels.

Venezuela, the South American country with the largest proven crude oil reserves – some 300,878 million barrels – produced an average of 783,000 bpd last year, a growth of 9.35 % compared to 716,000 bpd in 2022.

It is appropriate to remember that on February 24, the Minister of Petroleum and “president of PDVSA, Pedro Rafael Tellechea, stated that production had exceeded 900,000 bpd and, according to his forecasts, will reach 1.2 million bpd this year, an increase of 53.2 % when compared to the average for 2023.”



(Reference image source: Unsplash+, in collaboration with Getty Images)

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