• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 hours Once seen as fleeting, a new solar tech proves its lasting power
  • 4 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 7 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 8 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"

Breaking News:

Oil Should Stay In Triple Digits: Analyst

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Ecuador’s already-struggling oil industry is…

Venezuela Claims It Can Quadruple Its Oil Production By The End Of 2021

Venezuela is investing in crude oil production recovery and aims to boost its output four times by the end of the year, to 1.5 million barrels per day (bpd), Oil Minister Tareck El Aissami, a close ally to Nicolas Maduro, told Bloomberg in a recent interview.

“Without any financing, with our own money, we’ve been able to invest enough to stop the slide and start a gradual recovery,” El Aissami told Bloomberg.

Despite the sanctions and despite the severe crisis which became even more severe with the pandemic and plunge in oil prices last year, Venezuela claims it would quadruple its crude oil production and put an end to the incessant lines at all gas stations in the country holding the world’s largest crude oil reserves.

According to El Aissami, crude oil production in Venezuela has now exceeded 700,000 bpd, up from less than 400,000 bpd in the summer of last year when output plunged in the wake of the pandemic and the crash in oil prices.

OPEC’s secondary sources place Venezuela’s oil production in May at 531,000 bpd, up by 45,000 bpd compared to April, as per OPEC’s latest Monthly Oil Market Report (MOMR). Venezuela self-reported to OPEC oil production of 582,000 bpd for last month, up by 130,000 bpd from its self-reported production level for April.

Venezuela boosting oil production to 1.5 million bpd by end-2021 is an “impossible” target, Francisco Monaldi, an expert on Venezuela’s oil industry at Rice University, told Bloomberg. 

“Even getting to that would be implausible in the medium term; production capacity has been falling since 2014 and there have been no oil rigs operating in Venezuela for a year,” Monaldi told Bloomberg.

Maduro, for his part, told Bloomberg Television in an interview last week he had been waiting for the Biden Administration to negotiate a deal that would bring relief to the U.S. sanctions.

A U.S. State Department spokesman, however, told Bloomberg that Maduro should do more to restore some democracy in the country if he is to expect a lifting of the sanctions.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on June 21 2021 said:
    Various sources have been reporting that despite US sanctions, Venezuela’s exports have exceeded 500,000 barrels a day (b/d) meaning that production ranged from 700,000-800,000 b/d though Venezuela has reported a production of only 582,000 b/d to OPEC so as not to invite more sanctions.

    If Venezuela can self-finance investments in its oil industry from its own resources (may be using its gold reserves), then it is possible to raise its production to 1.0 million barrels a day (mbd) by the end of 2021 and 1.5 mbd by the end of 2022.

    Venezuela has shown great tenacity, ingenuity and resourcefulness in the face of US sanctions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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