President Nicolás Maduro of Venezuela aims to boost oil production to one million barrels per day this year.
By 2024, he expects this number to climb past two million. He spoke about this goal at a meeting with public and private stakeholders.
The focus was on using oil revenue to strengthen the country’s economy.
From January to August, oil output grew by 12%. Maduro credits this growth to domestic efforts.
He also revealed that all Venezuelan refineries are now fully operational. Hence, there’s room for even more growth.
According to recent data from OPEC, Venezuela pumped 820,000 barrels daily in August. This was an uptick of 88,000 barrels from January.
Analysts attribute this rise to Chevron resuming its operations. Additionally, local initiatives have played a role.
Maduro had hoped to exceed two million barrels per day in 2022. However, the actual average output was 716,000 barrels daily last year.
On another note, the president announced a 90% recovery in the petrochemical sector. Previously, this sector had faced setbacks due to sanctions and underinvestment.
Maduro believes new investments will complete the recovery. Moreover, he anticipates the construction of more petrochemical plants to expand the economy.
Background
The timing of Venezuela’s production goals is significant. The global energy landscape is shifting, with more focus on renewable sources.
However, oil remains a vital economic driver for many nations, including Venezuela.
The country has faced economic turmoil, amplified by sanctions and political instability. Thus, reviving the oil sector is crucial for economic recovery.
Maduro’s ambitious plan appears as a dual strategy. On one hand, it aims to improve the national economy.
On the other, it seeks to attract foreign investment, especially in the petrochemical sector. The return of Chevron shows some success in this regard.
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