Second quarter of the year records increase in Venezuelan oil production

The Venezuelan state-run oil company, Petróleos de Venezuela S.A. (PDVSA), experienced a 10.5% increase in oil production during the second quarter of 2023 compared to the first quarter, as per a report from the Organization of Petroleum Exporting Countries (OPEC).

According to official figures from PDVSA, the company averaged 808,000 barrels of oil per day in the second quarter, an increase from 731,000 barrels in the year’s first three months.

The country’s oil industry has been steadily recovering, with the activation of two production units in the western state of Zulia expected to contribute to further increases throughout the year.

In 2021, Venezuela’s daily average was 636,000 barrels, which grew to 716,000 per day in 2022, marking a 12.5% annual increase.

Following a corruption scandal involving PDVSA earlier this year, the government has committed to reviewing and revitalizing the country’s oil policy.

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