Venezuela Lifts Oil Output to 850kbpd: Oil Ministry

Venezuelan oil output is currently at 850kbpd and the country aims to reach 1mbpd soon, Venezuela’s deputy oil minister, Erick Perez, said.

• The country’s oil output stood at 786kbpd in October and will continue to grow if diluents to produce exportable heavy crude grades are imported, Perez said.
• "We have set a plan with several phases: recovery, stabilization and growth. Of course, six months in the oil industry is a short time, (but) will allow us to progress. In the medium term, we will see the results," Perez said.
• According to official data, the nation has around 5,000 active wells for crude and gas output and its natural gas production currently averages some 4bcf/d.
• "The recovery of our [export] markets, the recovery of those customers will improve over the time," he added.
• The US issued a license in October allowing Venezuela to export oil, gas and fuel to its chosen markets through mid-April as a way to encourage negotiations for a fair presidential election next year. The measures, however, could soon be reversed.