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Venezuela See Market Balanced at 100$/bbl and Ready to Increase Production

OIL

A stable oil market requires a “fair and balanced” price of $100 per barrel according to Venezuela President Nicolas Maduro during the visit of OPEC Secretary-General Haitham Al-Ghais on Wednesday.

  • Maduro said “We’re ready to quickly and progressively increase our oil production,”. Venezuela production increase 6kbpd in August to 678kbpd according to OPEC secondary sources and up from an average of 555kbpd in 2021.
  • Maduro also said that Venezuela has 50 “first rate” natural gas projects, with legal guarantees for investors.

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