Key facts
- Venezuela crude production reached 1.221 million barrels per day in July.
- This is an 11% increase compared to the previous year.
- Production decreased by 3% from June.
- The data includes condensates, natural gas liquids, and other byproducts.
- July production in western Venezuela was estimated at 361,000 b/d.
Venezuela's crude oil production reached 1.221 million barrels per day in July, according to data from state-owned PdV seen by Argus. This figure represents an 11% increase from the previous year but a 3% dip from June. The reported production figures encompass condensates, natural gas liquids, and other byproducts.
The nation is still recovering from twin earthquakes that occurred on June 24. While the oil industry was largely spared from damage, acting President Delcy Rodriguez cautioned the public about potential further disruptions, including rationing of water and electricity due to an unusually hot August attributed to the El Nino climate phenomenon.
Frequent power outages and delays in restoring services in earthquake-affected regions have sparked protests in various parts of Venezuela. Rodriguez's warning about rationing followed a visit by John Barrett, the top US envoy to Venezuela, to the Guri hydroelectric plant with officials from Corpoelec, the state electricity monopoly. Improved electrical service to support oil production has been a key US demand since the new cooperation between Washington and Caracas began following the arrest of former leader Nicolas Maduro on January 3.
While PdV did not provide a breakdown of production by operational areas, the gas processors' association AVPG estimated July production in western Venezuela at 361,000 barrels per day, exceeding the 347,110 barrels per day reported by the oil ministry in June.