Venezuelan Oil Output Rises for 3rd Month
According to an OPEC report, based on secondary sources, Venezuelan crude oil production reached 820,000 barrels per day (bpd) in February, after registering 804,000 bpd in January and 782,000 bpd in December 2023.
Secondary sources may include oil price reporting agencies, news agencies, consultants and energy agencies.
According to direct sources, those figures are higher, with Venezuela's oil production reaching 877,000 bpd in February, after registering 841,000 bpd in January and 802,000 bpd in December.
OPEC's figures are well above the production averages registered by Venezuela in 2023: an estimated 749,000 bpd (secondary sources) or 783,000 bpd (direct sources).
The hydrocarbons industry has traditionally been the South American country's main source of foreign revenue.
According to OPEC's official averages, Venezuela has seen a slow but steady recovery in oil production since registering 684,000 bpd in 2022 according to secondary sources or 716,000 bpd according to direct sources.
Venezuelan authorities maintain the decline in its crude oil production since 2017 is due to sanctions imposed by the United States against state oil company Petroleos de Venezuela S.A. (PDVSA).
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