Venezuela’s March Oil Production Up Again Despite US Blockade

Venezuela’s oil production closed the month of March at 525,000 barrels per day (bpd), according to the report of the Organization of Petroleum Exporting Countries (OPEC) published in its Monthly Bulletin of the corresponding Oil Market for the month of March 2021.

This number means an increase of 1,000 b/d compared to February of this year, but according to PDVSA, gross production rose to 578,000 b/d, representing a 7.4% increase.

Venezuela’s oil production dropped sharply after illegal US sanctions were launched by the United Stated during Donald Trump’s administration, and tightened in 2020 with second degree sanctions affecting any international corporation doing business with Venezuelan state oil company PDVSA.

RELATED CONTENT: Review of the Destructive Effects of US Blockade on Venezuela’s Orinoco Oil Belt

The executive director of Inter-American Trends, Antonio de la Cruz, pointed out that “Venezuela’s oil production maintained its volume above 500,000 b/d for the second consecutive month, which indicates an increase in the production in the areas operated by the Mixed Companies.”

For its part, according to figures published by the Venezuelan ministry for petroleum, March production was 578,000 b/d, about 40,000 b/d more than in February 2021, representing a 7.4% increase.

 

Featured image: Venezuela’s oil production is on the rebound in March 2021 (oilprice.co

(La IguanaTV) with Orinoco Tribune content

Translation: Orinoco Tribune

OT/JRE/OH

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