Venezuelan Oil Production Reaches 724k Barrels per Day, Highest Level Since June 2022

According to secondary sources cited by OPEC, Venezuelan oil production in March reached 724,000 barrels per day, marking a 3.4% increase of 24,000 barrels per day compared to the previous month and the highest level since June 2022.

The OPEC monthly report shows a downward revision of the March data, which initially placed production at 695,000 barrels per day but has now been updated to 700,000 barrels per day.

Meanwhile, Petróleos de Venezuela reported a production level of 810,000 barrels per day, reflecting a significant increase of 56,000 barrels per day (7%) compared to March, reaching the highest point since December 2021.

Although last year’s average production (according to secondary sources) increased by 23% compared to 2021, it still remains far below historical peaks.

Venezuelan oil production has been declining since 2012 due to a lack of investment and mismanagement of the industry under the governments of Hugo Chávez and Nicolás Maduro. The situation worsened with the imposition of sanctions by the Donald Trump administration in 2019.