Venezuela Produces 922,000 Barrels of Oil Per Day

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Currently, this country has the largest proven oil reserves, approximately 300.8 billion barrels.

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) published a report showing that Venezuelan oil production averaged 904,000 barrels per day (bpd) in the second quarter.

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This figure represents an increase of 4.62 percent compared to the first three months of 2024, when it averaged 864,000 bpd.

Currently, this Caribbean country has the largest proven oil reserves, approximately 300.8 billion barrels. Between May and June, its oil production increased by 1.31 percent, rising from 910,000 bpd to 922,000 bpd.

At the end of last month, President Nicolas Maduro stated that the increase in oil production occurred thanks to the “own efforts” of Venezuelans and despite U.S. sanctions against the oil sector, which were reinstated in April after six months of relief.

Oil prices rose on Thursday amid strong US demand data, falling production from the Organization of Petroleum Exporting Countries (OPEC), and ongoing conflicts in the Middle East contrary to ceasefire attempts https://t.co/9LQSsojGZc pic.twitter.com/RvJLLKmASB

— AA Energy (@AAEnergyNews) July 11, 2024

He also assured that his country will easily surpass three million barrels of oil in the future. To achieve this, Maduro invited foreign investors to invest in the oil sector of Venezuela, a country that guarantees stability, legal security, peace, and win-win relationships.

The latest OPEC report also noted that oil production by the cartel and its allies decreased in June to 40.8 million barrels per day (mbd).

Russia and Saudi Arabia, the two largest producers in OPEC+, were the countries that most significantly reduced their output in June, with reductions of 114,000 and 76,000 bpd respectively, bringing their production to 9.13 and 8.9 mbd.

#FromTheSouth News Bits | Days away from the presidential elections in Venezuela, presidential candidates continue touring the country as part of their campaigns. pic.twitter.com/L3SwxeIF8S

— teleSUR English (@telesurenglish) July 10, 2024

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