Over the past five years, U.S.-EU pressure measures have impacted the Venezuelan GDP by US$642 billion. In October, the state-owned company Petroleos de Venezuela (PDVSA) increased its average production to reach 989,000 barrels per day (bpd), marking a 4.8 percent increase compared to the 943,000 bpd produced in September. RELATED: Venezuela Approves Reform of the […]

‘Venezuela can do more with the strength and energy that I saw with my own eyes today,’ he stated In an interview with teleSUR on Monday, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, warned that “the world will need much more energy” by 2050, as an increase in energy […]

The Venezuelan oil industry revitalization occurs at a time when geopolitical events force the U.S. to reconsider its policies. The resurgence of Venezuela as one of the world’s leading crude oil producers makes this South American nation a key player in global energy stability given that its production contributes to the predictability of international price […]

Currently, this country has the largest proven oil reserves, approximately 300.8 billion barrels. On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) published a report showing that Venezuelan oil production averaged 904,000 barrels per day (bpd) in the second quarter. RELATED: Brazil’s President Lula hopes for Venezuela’s Quick Return to Mercosur This figure represents […]

Since October 2022, OPEC is responsible for around 40 percent of the global crude oil supply. On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided to maintain the production quotas for its members in 2025, extending the current output cuts. RELATED:  OPEC Conveys Condolences to […]

On Monday, Haitham al Ghais, the Secretary of the Organization of the Petroleum Exporting Countries (OPEC), extended its condolences on the passing of Iranian President Ebrahim to his family and the Iranian nation. RELATED: President Maduro Expresses Condolences to the Iranian People “It is with great sadness and deep sorrow that we has read the […]

On this May Day it is timely to share an article by OPEC Secretary General, H.E. Haitham Al Ghais, released last Monday on the role of the oil and gas industry in global employment. RELATED: Oil Security Is Vital for All “A job is never just a number on a spreadsheet. Behind every job is […]

At the Organization of the Petroleum Exporting Countries (OPEC), we took note of the International Energy Agency (IEA) reaffirming the significance of oil security to energy transitions in its most recent commentary: ‘A strong focus on oil security will be critical throughout the clean energy transition’. RELATED: If Oil Disappeared Tomorrow… We are encouraged by […]

If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. RELATED:  Venezuela Rejects Canadian Exploration in Essequibo Freight and passenger rail powered by diesel would halt. People could not get to […]

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) forecast “robust” global oil demand growth of 1.8 million barrels per day (bpd) in 2025, backed by strong global economic recovery. RELATED: Angola Announces Exit from OPEC Global oil demand growth next year will be driven by nearly 1.7-million-bpd growth in non-OECD (the Organization for […]