Venezuela Keeps Oil Output Above One Million Barrels in March, OPEC Reports

Venezuela kept its crude oil production above one million barrels per day in March, according to the latest OPEC report. The country produced 1,048,000 barrels per day, up by 23,000 from February.

This figure comes from direct sources, including Venezuela’s state oil company. Secondary sources, such as independent industry analysts, reported a lower figure of 911,000 barrels per day for March. Both numbers show a clear increase compared to the same period last year.

The average production for the first quarter of 2025 reached 1,034,667 barrels per day, a 19.75% rise over the previous year. The price of Venezuela’s main crude blend, Merey, dropped to $61.10 per barrel in March from $64.96 in February.

This price remains below global benchmarks, reflecting the heavier quality of Venezuelan crude and the challenges in marketing it. Oil exports remain Venezuela’s main source of foreign currency. Since 2017, production has dropped sharply.

Venezuelan officials blame U.S. sanctions for this decline. These sanctions have limited Venezuela’s access to international markets and technology. The country’s oil sector saw a partial recovery after the U.S. relaxed some sanctions in late 2022.

This allowed companies like Chevron to resume operations and export oil. Chevron’s involvement has been significant, accounting for about a quarter of Venezuela’s total oil production.

Venezuela’s Oil Sector Faces Uncertainty

However, the U.S. government recently replaced Chevron’s license with a more restrictive one. This change requires Chevron to wind down its operations by late May.

Other international companies, such as Eni and Repsol, also face new restrictions. These firms together contribute around 300,000 barrels per day to Venezuela’s output.

Analysts warn that without these foreign partners, Venezuela’s production could fall below 720,000 barrels per day. The government is seeking new deals with countries like China and Turkey.

Officials have announced a plan to boost domestic investment and technology. However, the sector faces technical and financial challenges. Venezuela’s oil industry stands at a crossroads.

The country’s ability to maintain or grow output depends on new investment and access to markets. The next months will show if Venezuela can keep its oil sector afloat or face another decline. All figures and claims in this article come from official reports and industry data.