Venezuela Increases Oil Production Despite U.S. Sanctions
An illustration showing the Venezuelan flag on oil barrels. X/ @cubavence2021
November 13, 2024 Hour: 12:52 pm
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.
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A recent report by the Organization of the Petroleum Exporting Countries (OPEC) highlighted that this growth, equivalent to an additional 46,000 bpd, reflects a positive trend in Venezuela’s oil industry.
October’s production also shows a significant 25.8 percent increase compared to October 2023, when output stood at 786,000 bpd, indicating Venezuela’s productive potential. This South American country holds the largest proven oil reserves in the world.
Additionally, the price of Venezuelan oil, known as Merey 16, has also recovered, with an increase of US$3.39 in October, representing the largest rise among OPEC crudes. Recently, Venezuela strengthened its production capacity by signing several cooperation agreements with transnational companies such as Spain’s Repsol and France’s Maurel & Prom.
Historically, hydrocarbon exports have been Venezuela’s primary source of foreign currency revenue. In recent years, however, arbitrary U.S. sanctions have impacted the operations of its oil industry.
Despite having the world’s largest proven oil reserves, the economic sanctions imposed by the United States and Europe—including 947 unilateral coercive measures—have led to a drastic decline in production and exports.
These circumstances have limited the country’s opportunities for economic recovery, prompting Venezuela to seek alternatives to revive its industry and restore its role in the global energy market.
Over the past five years, U.S.-EU pressure measures have impacted Venezuela’s GDP by US$642 billion, said Vice President Delcy Rodriguez during last week’s meeting of the Venezuela-Russia Business Council.
teleSUR/ JF Source: OPEC – Ultimas Noticias
