Venezuela sees higher oil output in August-Xinhua

Venezuela sees higher oil output in August

Source: Xinhua

Editor: huaxia

2022-09-14 05:18:00

CARACAS, Sept. 13 (Xinhua) -- Venezuela's oil production rose in August by between 6,000 and 94,000 barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report released Tuesday.

Venezuela produced 723,000 bpd during the month, 94,000 bpd more than what the country reported in July, according to direct OPEC sources.

Secondary sources placed Venezuela's output in August at 678,000 barrels of crude oil per day, or 6,000 more than July's output of 672,000 bpd.

In either case, OPEC pointed out that this year the South American country's oil production is well above the average registered in 2021.

Last year, again according to secondary sources, Venezuela saw average production of 555,000 bpd, while OPEC placed its production at 636,000 bpd.

Venezuela's oil output, however, remained below the levels seen in the first quarter of the year.

Oil has traditionally been Venezuela's main source of foreign revenue, but in recent years exports have dropped significantly, a fact that the government blames on U.S.-imposed sanctions.