Several economists and oil experts are not confident that crude oil production will reach two million bpd, and maintain that the country would not have the capacity to cover the deficit left by Russia in the supply of crude after the sanctions of the Government of Joe Biden, in a scenario in which the US relaxes the measures against the state-owned PDVSA
Venezuela’s oil production fell 7.6% in March compared to February’s production, according to the report published this Tuesday by the Organization of Petroleum Exporting Countries (OPEC), based on official figures.
Venezuelan authorities informed the international organization that, in March, PDVSA produced a total of 728,000 barrels per day (bpd), which represents a decrease of 60,000 bpd compared to February, when 788,000 bpd of crude oil was produced.
In this way, oil production closed the first quarter of 2022 at 756,000 bpd, a drop of 7% compared to the fourth quarter of last year (817,000 bpd), according to direct sources.
On the other hand, reports from secondary sources to OPEC indicate that Venezuela pumped 697,000 bpd in March, in which case there would be a growth of 1.1% compared to February (689,000 bpd).
Venezuela is still far from reaching the goal set by President Nicolás Maduro of 2 million bpd by the end of 2022.
“This year we are going to 2 million barrels per day rain, shine or shine. This year we recovered oil production hand in hand with the working class,” Venezuelan President Nicolás Maduro said last March in a speech broadcast by the state-owned channel Venezolana de Televisión (VTV).
Maduro insisted on the increase in the midst of an energy crisis generated by the invasion of Russia, the world’s second largest oil producer, in Ukraine, and after an unexpected meeting between the governments of Venezuela and the United States.
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Several economists and oil experts are not confident that crude oil production will reach two million bpd, and maintain that the country would not have the capacity to cover the deficit left by Russia in the supply of crude after the sanctions of the Government of Joe Biden, in a scenario in which the US relaxes the measures against the state-owned PDVSA.
“According to OPEC, with figures from PDVSA, Venezuela produced 728,000 barrels of oil per day in March (de) 2022, almost 100,000 barrels less than in December 2021. And if they say they are going to produce two million barrels per day this year”, wrote the economist and former deputy José Guerra on Twitter.
The United States, for its part, has ruled out importing oil from Venezuela, at least “for now.”
With information from Eph
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