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Venezuela's PDVSA Targets 1mn bpd by August

OIL

Venezuela aims to produce 900,000 bpd of crude in June according to state-owned PDVSA president Pedro Tellechea.

  • Oil production in the country in May reached 838,000 bpd according to PDVSA preliminary figures, up from 820,000 bpd in April.
  • He said the company aims to produce 1mn bpd by August.
  • China remains the biggest buyer of Venezuelan volumes but higher levels have been heading to the US since January due to sanctions relief.

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