• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 28 mins U.S. Presidential Elections Status - Electoral Votes
  • 20 hours Evergrande is going Belly Up.
  • 2 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 23 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days World’s Biggest Battery In California Overheats, Shuts Down
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 2 days Ten Years of Plunging Solar Prices
  • 2 days Extraction of gasoline from crude oil.
  • 4 days The coming Cyber Attack
  • 4 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 4 days Ozone layer destruction driving global warming
  • 4 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
China Oil Consumption Seen Peaking In 5 Years

China Oil Consumption Seen Peaking In 5 Years

China's oil consumption could peak…

Soaring Energy Prices Become Major Headache For China

Soaring Energy Prices Become Major Headache For China

Soaring energy prices are already…

Kuwait’s Oil Production Plans Are Beyond Ambitious

Kuwait’s Oil Production Plans Are Beyond Ambitious

Kuwait’s recent plans to invest…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Venezuela Claims It Aims To Boost Oil Production By 640,000 Bpd

Venezuela’s state oil firm PDVSA has said that it signed a US$430 million joint service agreement with seven companies that would help it increase its crude oil production by 641,000 barrels per day.

The companies will help PDVSA to raise production at wells at the oil fields Arecuna, Sanvi Guere, Orocual, Dación, Jusepín, Franquera-Moporo, and Carito – Pirital, the state firm said in a statement.

Currently, the 14 wells where Venezuela will look to boost production pump 384,000 bpd, Oil Minister Manuel Quevedo said, adding that “we have the opportunity to raise production by 641,000 bpd,” and hailing the agreement as “the beginning of a new era at PDVSA.”

This is not the first time that Venezuela has claimed it has grand plans to boost its production. Quevedo said last month that he had discussed plans with PDVSA to raise the country’s crude oil production in the second half of the year.

Venezuela is suffering the worst loss of oil production in history amid an unprecedented economic collapse, years of mismanagement and underinvestment in the oil industry, an aggravating humanitarian crisis, and a leader who is hell-bent on clinging to power. Venezuela’s inflation will surge to a staggering one million percent by the end of this year as the country with the world’s biggest oil reserves remains stuck in a profound economic and social crisis, the International Monetary Fund (IMF) predicts.

Venezuela’s collapse, alongside U.S. sanctions on Iran, have been putting upside pressure on oil prices for months, and is expected to continue to do so, as analysts don’t see an end to the crisis in sight.

According to OPEC’s secondary sources, Venezuela’s oil production in July dropped to below the 1.3-million-bpd mark—at 1.278 million bpd, plunging 47,700 bpd from June. This compares with an average of 2.154 million bpd in 2016, and an average of 1.911 million bpd in 2017.

Some analysts expect Venezuela’s production to fall to below 1 million bpd by the end of this year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Disgruntled on August 30 2018 said:
    14 wells or 14 fields? That is a lot of production from 14 wells.
  • Corvettekid on August 31 2018 said:
    In other news, Venezuela and Maduro have a bridge in Brooklyn they want to see you.........
  • James Kennedy on September 01 2018 said:
    Lincoln Oil & Gas is seeking opportunities to buy crude oil from PDVSA for SE Asia

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News