Venezuelan Oil and Gas Production Grew 12.9% Q3: Maduro

Venezuela’s oil and gas production grew 12.9% in Q3 according to President Nicolás Maduro on state tv.

• “We’re managing to stabilize the growth of the Venezuelan oil industry” adding that oil exports from the country saw a “very significant increase.”
• We reported Tuesday that Sanctions could be reimposed post Nov. 30 if Venezuela fails to release political prisoners and Americans that the US says are 'wrongfully detained', as well as lifting public office bans. The ban currently applies to the winner of the main opposition's presidential primary, Maria Cornia Machado.
• The US Treasury has reiterated that temporary sanctions relief is not an endorsement for a full-scale resumption of operations.
• Venezuelan production has risen to 850,000 bpd and 4.5Bcf/d of gas according to Argus.
• Argus estimates placed crude production at 680,000 bpd roughly a year ago.
• TankerTrackers said via X “at least 50 oil tankers are trying to keep a stealthy profile in Venezuela because there is little faith that the six months long sanctions waiver period will result in a permanent lifting.”