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Venezuela Oil Output Around 830kb/d and Below 1mb/d Target

OIL

Venezuelan oil production will likely remain near the current 830kb/d level for the rest of 2023 and not reach the targeted 1mb/d output according to energy minister and PdV president Pedro Tellechea last week.

  • Oil production is averaging 831kb/d this year and is expected to reach 860kb/d in July. Venezuelan production in June was estimated at about 760kb/d according to Argus.
  • PdV plans to more than double existing production in 2024 to 1.76mb/d through the reactivation of mothballed oil wells.
  • Venezuela previous plans were to expand oil production to more than 1mb/d by the end of the year, with exports increasing to around 60%.

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