Venezuelan Crude Oil Production Hits New Record for 2024 in June

Direct OPEC sources show Venezuela's crude oil production last month amounted to 922,000 barrels per day (bpd), an increase of 12,000 bpd from the daily average in May, which registered the previous peak production for the year.

Secondary sources indicate that Venezuela produced 851,000 bpd in June, 21,000 more than the previous month, setting a record for 2024, according to the OPEC report.

Secondary sources may include oil price reporting agencies, news agencies, consultants and energy agencies.

Data recorded so far this year shows a notable recovery in Venezuelan oil production compared to 2023 and 2022, when the average was 783,000 and 716,000 bpd, respectively, according to direct sources.

Oil export had traditionally been Venezuela's leading source of foreign revenue, but over the past five years, crude oil output has sharply declined. The Venezuelan government attributes this decline to U.S.-imposed sanctions against its state oil company Petroleos de Venezuela S.A.

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