Venezuela saw a rise in its oil production in July, reaching 843,700 barrels per day according to figures from the Venezuelan Ministry of Petroleum. This marks a return to growth following a decline in June, which stood out as one of the first declines experienced this year according to Argus, a website dedicated to the information and analysis of the global energy and commodities markets.
“The July figure includes condensates and natural gas liquids (NGLs),” wrote the website. “Once those byproducts are deducted—as OPEC figures typically reflect—production was about 808,000 bpd, still an increase from the comparable figure of 788,000 bpd in June, an industry source estimated.”
According to production data for the first quarter of 2023, oil production rose by 15.4% in the second quarter, a considerable figure considering Venezuela’s difficulties in attracting foreign investment even after the Office of Foreign Assets Control of the US Treasury Department issued licenses to the US oil giant Chevron to restart its joint venture operations in Venezuela.
The Venezuelan Oil Ministry reported last month that June production was about 806,300 bpd, including condensates and NGLs.
Citing Venezuelan oil industry sources, Argus estimates that increased gasoline production from the Venezuelan state oil company PDSVA’s refineries and renewed export activity from the Paraguaná Refining Complex—with a greatly underutilized capacity of 971,000 bpd—have boosted Venezuela’s crude oil production.
According to Reuters, Venezuela’s exports of crude and refined products averaged 877,032 bpd in July, the highest in three and half years, since the imposition of secondary sanctions on the Venezuelan oil industry by then US President Trump in 2020. This figure represented a 22% increase from June, with export shipments mostly going to Asia.
PDVSA President Pedro Tellechea, who is also Venezuela’s oil minister, reported last month that the Venezuelan oil industry is working to raise crude oil production to 1 million bpd later this year, and to 1.7 million bpd in 2024.
(Misión Verdad) with Orinoco Tribune content
Translation: Orinoco Tribune
Misión Verdad is a Venezuelan investigative journalism website with a socialist perspective in defense of the Bolivarian Revolution
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