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Report Shows Venezuela Output Down to 653kbpd in Sept

OIL

PDVSA reports oil production from Venezuela in September was estimated at 653kbpd according to Argus.

  • The report suggests an average production for 2022 so far of 759kbpd but Bloomberg data suggests 683kbpd, Rystad estimates 728kbpd and OPEC from secondary sources showed Jan-Aug output at 693kbpd.
  • According to the report 17 out of 43 oil producing subsidiaries and/or joint ventures reported no production in September partly due to a lack of oil storage capacity.
  • Output is limited by problems with exploration, production, infrastructure and storage due to US sanctions since 2017.

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