Venezuela’s oil production falls, but remains over the million barrels per day, according to OPEC

The oil production of Venezuela fell 6,000 barrels per day (BPD) in February, but remained over the million per second consecutive month, according to official figures collected in a report published Wednesday by the Organization of Petroleum Exporting Countries (OPEC).

The nation with the largest proven reserves of crude produced last month an average of 1,025,000 BPD, 0.5 % less compared to the average of 1,031,000 BPD reached in January, when the country first exceeded one million barrels since June 2019.

However, it is still far from the 2.89 million BPDs of the beginning of this century.

Experts are at expectation after the United States reversed the relief of their energy sanctions against Venezuela, putting last weekend to the license granted in November 2022 that allowed the American company Chevron to operate in the Caribbean country, where its participation with the state -owned PDVSA represented about 200,000 BPD, according to estimates.

Now, the US company has until April 3 to end its operations in the South American nation by order of the Donald Trump government, which criticized the «regime» of Nicolás Maduro -investido for a third mandate after her questioned re -election in 2024- for not having accelerated the deportations of undocumented migrants in the US to the «fast rhythm» that Washington waited.

Maduro, for whom the decision of the US government affected the deportation flights of Venezuelans, as well as the communications that both countries had «opened,» said Tuesday that the Caribbean nation is willing to receive international investments in oil, gas, petrochemical and refining.

He also said that «all the country’s oil fields will continue to produce, grow and consolidate their production,» thanks also to a government plan announced last week that seeks to independentize the national industry and continue to recover.

Chavismo accuses opposition leaders and the American oil company Exxonmobil to press for the end of the license, while the opposition leader María Corina Machado held Maduro responsible for the decision made by Washington.

In 2024, Venezuela produced an average of 921,000 BPD, an increase of 17.6 % compared to 2023, when it was 783,000 BPD, according to official figures.

EFE