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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Venezeula’s overall crude production has been steadily recovering since 2020.
- Output by the joint ventures operated by Chevron and PDVSA fell between 2020 and 2022 as US sanctions hit them.
- An easing of sanctions by the US allowing Chevron to increase some of its operations in the country has seen a recovery in its joint venture output.
- Chevron plans to add a further 65k b/d of Venezuelan oil output by the end of 2024 after its first major drilling campaign since sanctions were lifted.
- Venezeula’s PDVSA had a target of 1mn bpd production which it had aimed to produce by the end of the year but has so far fallen well short. (see chart)
source: Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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