Venezuela Records Increase in Oil Exports for February 2021- OPEC Data

Oil production in Venezuela last February was 538,000 barrels per day (bpd), according to the Ministry of Petroleum, representing an increase of 54,000 bpd over January.

On the other hand, independent or secondary sources, such as the Organization of Petroleum Exporting Countries (OPEC) reported that Venezuelan oil production last February was 521,000 (bpd), according to the Monthly Oil Market Bulletin. This represents an increase of 33,000 bpd compared to January. They added that in comparison, there was a drop of 239,000 (31%) in comparison to February 2020.

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In this sense, it appears that for the fourth consecutive month both secondary sources (OPEC) and direct sources (official) roughly coincide, with a difference of 3% in favor of Venezuelan sources.

US sanctions and blockade against Venezuela and PDVSA have powerfully impacted the production and export of oil, the most important source of revenue for the Caribbean country, thereby affecting the lives of millions of Venezuelans, a result of Washington’s appetite for Venezuelan oil resources.

OPEC also indicated that Venezuela produced 1.44 million bpd less than the OPEC quota of 1.97 million bpd, as agreed at its February 2016 meeting. However, since February 2018, Venezuela has been left out of the cartel’s new production cuts.

 

Featured image:  Venezuelan oil production also increased in February 2021. File photo.

(La IguanaTV) with Orinoco Tribune content

Translation: Orinoco Tribune

OT/JRE/SL

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