Venezuelan oil production rises 10% and exceeds one million barrels again
Venezuelan oil production increased by 10% in February, once again exceeding one million barrels per day (bpd), according to official figures collected in a report published this Wednesday by the Organization of the Petroleum Exporting Countries (OPEC). The South American country, which opened its oil industry to private and foreign capital with a substantial reform of its Organic Hydrocarbons Law amid rapprochement with the United States, produced an average of 1,021,000 bpd in February, 97,000 barrels more than the previous month, when it was 924,000 bpd.
TL;DR
- Venezuelan oil production rose 10% in February to 1,021,000 bpd.
- This increase follows reforms to the Organic Hydrocarbons Law, encouraging foreign investment.
- Venezuela has established energy partnerships with the United States.
- The country has experienced five consecutive years of oil production growth since 2021.