Venezuelan oil production rises by over 10% this year

Venezuela’s state-owned oil company, Petróleos de Venezuela (Pdvsa), announced today that oil production has increased by over 10% in 2023.

“Throughout 2023, Venezuelan oil output has grown by 10.65%, which equates to a rise of 78,000 b/d compared to the average levels recorded in January of this year,” the report stated.

The data, released on social media platform X (previously known as Twitter), referenced the monthly report from the Organization of Petroleum Exporting Countries spanning from February to August.

The report also noted that the average crude production reached 810,000 barrels per day in July.

Furthermore, Pdvsa stated it is “on track to restore new production lines in 2023, aiming to achieve optimal supply levels of crude derivatives.”

The company also pointed out that “Venezuela is currently undergoing a certification process for its gas reserves.”

Preliminary assessments of the Caribbean gas belt suggest that Venezuela could potentially rank fourth globally in gas reserves.

Rafael Tellechea, Pdvsa’s president, emphasized that Venezuela plays a “crucial role in energy markets” and “its significance in times of crisis has grown even more prominent.”

He concluded by asserting the company’s strategic focus remains aligned with its role in the global energy landscape.