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Venezuela’s Oil Output Hits 942k b/d in May

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Venezuela’s oil output has reached 942k b/d in May, according to its oil minister and head of PDVSA Petro Tellechea, cited by Bloomberg.

  • PDVSA forecasts that it will hit production of 1.295m b/d by December.
  • Venezuela’s drilling rig count hit 25 in 2023 compared to 1 in 2022.
  • PDVSA’s production faces pressure from the reimposition of sanctions after the US did not renew the initial deal expiring in April.
  • The US can issue individual licences – as has been done for Chevron and Repsol – which could allow production to continue rising.
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Venezuela’s oil output has reached 942k b/d in May, according to its oil minister and head of PDVSA Petro Tellechea, cited by Bloomberg.

  • PDVSA forecasts that it will hit production of 1.295m b/d by December.
  • Venezuela’s drilling rig count hit 25 in 2023 compared to 1 in 2022.
  • PDVSA’s production faces pressure from the reimposition of sanctions after the US did not renew the initial deal expiring in April.
  • The US can issue individual licences – as has been done for Chevron and Repsol – which could allow production to continue rising.