Venezuela's PDVSA Targets 1.17mn bpd Crude Production

New management of Venezuela’s PDVSA expects to boost the country's oil production to 1.17 million bpd by year end while increasing refining and exploration activities.

• Venezuelan crude production was over 800,000 bpd in April – the first time above that level since December 2021.
• Production is recovering from an anti-corruption probe, while a special license allowing Chevron to operate in the country has also helped.
• PDVSA expects to increase crude output by 390,000 bpd by year end, boost gas output by 645 million cubic feet per day (cfd) to 2.27 billion cfd, and ramp up refining by 20% - to allow an extra volume of 90,000 bpd of fuel to be sold domestically.
• It aims to export about 1 million bpd of crude and fuel and 800,000 tonnes per month of petroleum coke by year end, above the average of 660,000 bpd of crude and fuel and 530,000 tonnes of petroleum coke it has exported so far this year.