January 29, 2022

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Venezuela’s Oil Production Will Increase in 2022

Ana Perdigón , , , , ,

On Tuesday, January 4, Venezuela’s Minister of Industries and National Production Tareck El Aissami asserted that there will be fair oil prices in 2022, allowing an increase in oil production and consequently a recovery by the national oil company Petróleos de Venezuela (PDVSA).

Before his participation in the 24th OPEC+ Ministerial Meeting, El Aissami remarked that the meeting would help strengthen the world energy market, considering that 2021 ended with stable prices.

“Thanks to this virtuous mechanism,” stated Minister El Aissami, referring to OPEC+, “we have persisted and overcome all adversities since 2020, and have closed 2021 with stable prices, and considering the projections for 2022, it seems that we are going to have a fair prices this year.”

RELATED CONTENT: Venezuela Closes 2021 with Stable Exchange Rate

The 2022 projections show that Venezuela can continue increasing its production capacity and investing in the recovery of its important asset, PDVSA, the minister added.

OPEC and Non-OPEC countries agree to increase oil production
At the January 4 OPEC meeting, the member countries of the group agreed to increase oil production, aiming to raise daily production by 400,000 barrels from the start of February.

With this new agreement, the previous production cuts of around 10 million barrels per day are on the way to be ended. The aforementioned cuts began in April 2020 due to decreased international demand for crude oil with the arrival of the COVID-19 pandemic.

RELATED CONTENT: President Maduro: ‘In 2022 the Economy will Focus on Boosting Trade’

During the virtual meeting, OPEC and Non-OPEC countries ratified their commitment to maintaining a stable and balanced oil market.

According to a statement released by OPEC, “the meeting reiterated the commitment of the countries that have signed the Declaration of Cooperation to maintain a stable and balanced oil market.”

Despite divergent growth trends across and within major economies, the healthy momentum of the world economy was highlighted during the meeting.

Representatives from both OPEC and Non-OPEC aligned nations are expected to meet again on February 2.

 

 

Featured image: Venezuelan Minister of Industries and National Production Tareck El-Aissami at the OPEC+ meeting. Photo: Twitter/@marbelinares

(RedRadioVE) by Ana Perdigón

Translation: Orinoco Tribune

OT/GMS/SC

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Ana Perdigón
+ posts