Post #1318

Venezuela’s oil production and exports have experienced important growth in recent months amidst efforts to secure more investment and circumvent US sanctions. The latest OPEC monthly report placed the Caribbean nation’s July crude output at 772,000 barrels per day (bpd), as measured by secondary sources. The figure rose from 734,000 bpd in June. For its part, state oil company PDVSA reported a higher number of 810,000 bpd, up from 796,000 bpd the prior month. The current output is the highest registered since early 2020 when Washington imposed secondary sanctions against foreign actors dealing with Venezuela’s state oil company PDVSA. Previously, the industry had been hit with financial sanctions in 2017, an export embargo in 2019 and a host of other measures. According to Venezuela’s Oil Minister and PDVSA president, Rafael Tellechea, crude output has slowly recovered thanks to workers’ efforts and a sustained governmental strategy. “[We are] demonstrating that it is possible to face the [US] blockade with efficiency and trusting our own capabilities,” he wrote on X (formerly Twitter). https://venezuelanalysis.com/news/15830