• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 12 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 5 mins NordStream2
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 6 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 3 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 4 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
  • 6 days Peak oil - demand vs production

Maduro Claims Venezuela Lifted Oil Production By 250,000 Bpd

While analyst estimates and official figures show that Venezuela’s crude oil production continues to plummet amid a severe economic crisis and cash crunch, Venezuelan President Nicolas Maduro—true to his rhetoric--said on Thursday that the country’s oil production had increased by 250,000 bpd at the beginning of this year.

According to OPEC’s Monthly Oil Market Report published earlier this week, secondary sources—the ones the cartel uses to monitor compliance and official stats—pegged Venezuela’s crude oil production in January 2018 at 1.600 million bpd, down by 47,300 bpd compared to December 2017. This was the largest monthly decline in oil production among OPEC’s 14 member states.

Venezuela, allowed to pump as much as 1.972 million bpd under the deal, surely did not make that cut voluntarily—its economy is collapsing and oil production has been in freefall for months now. Barclays, for example, predicts that Venezuela’s production will drop to 1.43 million bpd this year.

OPEC’s secondary sources’ estimate is lower than last week’s survey by one of those sources—S&P Global Platts—which had estimated that Venezuela’s production fell to 1.64 million bpd in January.

Venezuela, for its part, self-reported to OPEC that its oil production last month increased by 148,300 bpd over December to 1.769 million bpd. Now Venezuela’s Maduro—who will seek re-election in April—has upped that figure to claim that his country lifted oil production by 250,000 bpd at the beginning of the year.

Related: Saudi Arabia Vows To Cut More Production To Stabilize Oil Market

The claims by Maduro and the figures that Venezuela directly communicated to OPEC are in tune with earlier claims from this year, by oil minister Manuel Quevedo, who said last month that Venezuela “can easily manage” an oil production increase of 1 million bpd this year to lift its production capacity to 2.472 million bpd.

This increase looks hardly manageable, especially after recent media reports that Venezuela’s state oil firm PDVSA is losing workers by the thousands, with as many as 10,000 leaving the company in just one week of January, in protests against low wages and the growing risk of accidents due to lack of equipment maintenance. The situation, according to Univision, has escalated to such an extent that PDVSA’s board of directors has stopped accepting letters of resignation.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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