CARACAS - Despite facing ongoing sanctions from the United States, Venezuela has managed to boost its oil production by over ten percent in recent months, according to a new report from the Organization of the Petroleum Exporting Countries (OPEC).
Between February and August of this year, the state-owned company Petroleos de Venezuela (PdVSA) saw an impressive average increase of 78,000 barrels per day. This growth pushed daily production levels from 732,000 to 810,000 barrels, a significant achievement in the face of challenging circumstances.
What's more, the Venezuelan oil company has recently confirmed that it is now responsible for the entirety of the gasoline consumed within the country. As part of its efforts to strengthen the distribution network, PdVSA is investing in the acquisition of new tanker trucks, further enhancing the efficiency of its fuel delivery systems.
President Maduro has acknowledged that Venezuela remains subject to 926 unilateral restrictive measures, with 765 of these sanctions being implemented during the presidency of Donald Trump (2017-2021). Despite these challenges, the country's determination to increase oil production has borne fruit.
Additionally, the International Energy Agency's recent announcement regarding potential decreases in global oil supply by up to 2.2 million barrels per day if current production goals are sustained, underscores the importance of Venezuela's achievement. While this could lead to a reduction in inventories for major consuming nations, it might also contribute to price increases in the coming months.