Despite Sanctions, Venezuela’s Oil Production Rises in October: OPEC

Venezuelan oil production registered an increase in October of this year, as reported by the economic and financial website Mercados y Acciones.

Repunta nuevamente la producción de crudo en Venezuela, de manera leve, para el mes de octubre. La producción al día de hoy depende de 3 factores claves: https://t.co/retYB0GvSK
— FRANCO VIELMA (@franco_vielma) November 14, 2022

A report by the Organization of Petroleum Exporting Countries (OPEC) stated that production was 679,000 barrels per day (an increase of 9 thousand barrels per day) according to secondary sources, while it reached 717,000 barrels per day (an increase of 51 thousand barrels per day) according to direct sources.

Regarding this slight increase in production, Franco Vielma, Misión Verdad’s analyst and expert in the field, maintains that it is due to three factors:

“Demand for Venezuelan crude oil, clearly influenced by the blockade on exports. What is exported today evades the blockade. Crude oil is pumped at the rate of demand. Contracted shipments affect production.”
“The volume of heavy and extra-heavy crude oil is linked to diluents available in the country for commercial blending. This arrives infrequently due to the blockade. Iranian condensate has been key to this upturn, but it must be sustainable month by month.”
“The investment and the guaranteed destination, also dependent on the blockade, permits the reopening of wells, development of fields and increase in pumping. Once again the blockade has an impact.”

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Although the increase does not seem to be much, the progress is significant, considering that Venezuela and its oil industry are still under the “regime” of illegal sanctions by the United States.

(Misión Verdad)

Translation: Orinoco Tribune

OT/FV/SF