Venezuela Has Capacity to Increase Oil Production If Commercial Licenses Permit

According to the president of Venezuela’s Cámara Petrolera, Reinaldo Quinero, oil production in Venezuela could reach approximately 1.2 million barrels per day if the United States authorizes requests, issued by representatives of the state-owned oil company PDVSA, to increase the sale of Venezuelan crude.

The licenses, if approved, could raise production by 400 barrels per day, which would add to the 755,000 already being produced on a daily basis, according to statistics from January 2022.

Reuters has stated that “the measure could benefit companies such as Chevron Corp., which have been calling for authorizations and renewed licenses to sell or trade Venezuelan oil.”

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The statements were made by Quintero during a meeting of US officials with President Nicolás Maduro, a meeting on the subject of alleviating US-imposed sanctions in exchange for increasing the supply of oil to the United States. This request was made by the Biden administration after years without any official contact between the US and Venezuela’s government and, most importantly, after suspending the purchase of Russian oil.

In the face of US imperialism, the Venezuelan oil industry has steadily recovered its production and exportation of crude, thanks to countries like Iran and China. Just last year a rise in production of 12% was registered with respect to the previous year.