Caracas, March 16, 2023 (venezuelanalysis.com) †Venezuela’s crude production continues to struggle amidst a number of obstacles resulting from wide reaching US sanctions.
The latest monthly report from the Organization of Petroleum Exporting Countries (OPEC) placed the South American nation’s output at 700,000 barrels per day (bpd) in February, according to secondary sources. The number is barely above the 696,000 bpd pumped in January.
State oil company PDVSA reported a nearly identical 704,000 bpd figure, down from 732,000 bpd the prior month.
Venezuela’s oil industry has been hampered by mismanagement, a brain drain and especially unilateral coercive measures from Washington. Since 2017, the US Treasury Department has levied financial sanctions, an export embargo, secondary sanctions and a raft of other measures meant to strangle Caracas’ main source of foreign income.
Output fell precipitously from 1.9 million bpd in mid 2017 to less than 350,000 bpd in the second half of 2020. It recovered in 2021 and has been hovering around 700,000 bpd for more than a year.
Despite widespread condemnation and calls for sanctions relief, US officials have stated that the Biden administration is not planning to ease its blockade against the Caribbean country.
