The Strategist

Venezuela announces daily oil production to rise to highest since 2019

12/29/2021 - 08:58

Venezuela has announced that the country's oil production has exceeded 1 million bpd. This is the highest since 2019, when the US put state oil company PDVSA on its sanctions list. Experts doubt that Caracas will be able to keep production at this level.

Venezuela has announced an increase in oil production to its highest level since the US imposed sanctions on oil state-owned PDVSA in 2019. "We have breached the ceiling of 1 million barrels per day," the company said on Twitter.

The Ultimas Noticias newspaper specified that Venezuela produced 1,041,660 barrels of oil on the day. That's double what it was a year ago - at the end of 2020, Venezuela was producing 500,000 bpd. At the end of November 2021, the figure reached an average of 876,100 barrels per day.

On December 13, OPEC, of which Venezuela is a member, reported that the country was producing 625,000 barrels of oil daily, 15,000 barrels more than in October, El Universal noted.

Bloomberg underlines that the volume of 1 million barrels is 21% higher than the average daily production in November and is the highest since early 2019, when Washington tightened sanctions against Caracas by restricting PDVSA's access to the US market. However, the agency notes that the figure appears to be a temporary peak and represents production over a specific 24-hour period rather than a monthly average.