HomeEconomyOilCrude oil production in May amounted to 910.000 bpd

Crude oil production in May amounted to 910.000 bpd

It is one of the highest figures since November 2019

According to data published in the recent report by the Organization of Petroleum Exporting Countries (OPEC), Venezuela produced a total of 910.000 barrels of crude oil per day (bpd) in May, which means an increase of 32.000 bpd compared to the month of April 2024.

This would be one of Venezuela's highest oil production figures since November 2019 when it averaged 912.000 bpd.

In the document published this Tuesday by the organization of crude oil producers, there is evidence of a growing increase in production that exceeds the barrier of 900.000 bpd, as had been announced in previous days by the Minister for Petroleum and president of Petróleos de Venezuela. (Pdvsa), Rafael Tellechea.

The minister himself stated that this year Venezuela will exceed the amount of 1.200.000 barrels of crude oil per day, which could be achieved because the upward trend is evident in the oil industry.

Venezuela had closed the first quarter of 2024 with an average production of 864.000 bpd.

By the end of 2023, the country had a production of 796.000 bpd, which has represented a significant increase despite the United States applying new sanctions against the oil and gas sector in April.

However, many transnational companies from different parts of the world have shown interest in continuing to do business with the country's main oil industry, which has allowed the reactivation of wells to increase production.

Also the strategic alliances with countries like Iran, Russia and China; They have managed to reactivate many of the plants that, due to unilateral coercive measures, have been affected by not having parts and pieces.

Due to the blockade imposed on the oil industry, Venezuela between January 2015 and July 2023 had a drop in production of 87%, which did not allow income in the order of 232 billion dollars to enter the country.

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