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Venezuela Crude Production at 1mb/d: Maduro

OIL

Venezuela crude production is up to 1mb/d, according to President Nicolas Maduro on state TV cited by Bloomberg.

  • Venezuela’s oil output has reached 942kb/d in May, according to its Oil Minister and head of PDVSA in late May.
  • PDVSA forecasts that it will hit production of 1.295mb/d by December.
  • The Chevron-PDVSA joint venture Petroboscan is producing an average 83kb/d, Maduro said
  • Petroboscan’s production growth has been “exponential” from zero in Dec. 2022, said Chevron country manager Mariano Vela., with a target for at least 96kb/d by end of 2024.
  • PDVSA and Chevron produce around 200kb/d in four oil joint ventures: Petroboscan, Petropiar, Petroindependiente and Petroindependencia.

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