Venezuela’s oil production falls
Venezuela’s oil production fell by 1,000 barrels per day (bpd) in August compared to July, to 927,000 bpd, according to Official figures collected In a report published on Tuesday by the Organization of Petroleum Exporting Countries (OPEC).
The country with the largest proven crude oil reserves thus halts the sustained increase in its oil production that it recorded in the months of April, May, June and July, a period during which it rose from 878,000 bpd to 928,000 bpd.
Venezuela’s oil production is the main economic driver and its largest source of foreign currency and has recovered steadily since 2020, when it fell to 569,000 bpd due to the pandemic and sanctions, and reached 783,000 bpd last year.
The government recently called on foreign businessmen to invest in the oil sector of the Caribbean nation, where – it claims – there are opportunities and energy security in the international market, and where, it insists, stability, peace and win-win relations are guaranteed.
In June, President Nicolás Maduro said that production had reached one million bpd “through our own efforts” and despite sanctions, while he predicted that the South American nation would reach three million and “more” crude pumping, without giving an approximate date for reaching the goal he promised.
OPEC on Tuesday revised downwards its forecast for global oil demand growth in 2024 and 2025 for the second consecutive month, a slight adjustment that comes at a time when crude oil prices are at annual lows.
In its monthly report, the organization estimated that the volume of crude oil that the planet will burn this year and next year, respectively, is 104.24 million barrels per day (md) and 105.99 mbd.
Production behavior of #Oil of #Venezuela only in August, between (2012-2024), includes Venezuelan basket price,
Fountain https://t.co/1tASQ16yGx
The flat was during the pandemic of #Covid_19 (2020) and then came a slight recovery. pic.twitter.com/PJrdhAyAYD— Edgar Chacin (@geologochacin) September 10, 2024
Independent journalism needs the support of its readers to continue and ensure that uncomfortable news that they don’t want you to read remains within your reach. Today, with your support, we will continue working hard for censorship-free journalism!