Venezuela's oil production increased 10% and again surpassed one million barrels per day
El Diario Venezuela - elDiario.com - Venezuela's oil production increased 10% and again surpassed one million barrels per day
TL;DR
- Venezuela's oil production increased by 10% in February, reaching 1,021,000 barrels per day (bpd).
- This marks the second consecutive month above one million bpd, a level not consistently reached since June 2019.
- Reforms to the Organic Hydrocarbons Law, aimed at incentivizing foreign investment, were approved.
- These reforms are interpreted as a dismantling of former President Hugo Chávez's policies.
- U.S. officials, including Secretaries Chris Wright and Doug Burgum, have engaged with Venezuelan officials, leading to energy partnerships and agreements with Shell.
- A new mining law project was approved, seeking to enhance legal guarantees and attract investment.
- The mining law requires a second discussion for final sanction, following a U.S. license for gold exploitation by American companies.