Venezuela's oil production fell by 7.6% in March compared to pumping in February, according to a report released on Tuesday by the Organization of Petroleum Exporting Countries (OPEC), based on official figures.
Venezuelan authorities informed the international organization that, in March, the country produced a total of 728,000 barrels per day (bpd), which represents a decrease of 60,000 bpd compared to February, when 788,000 bpd of crude oil were produced.
Thus, oil production ended in the first quarter of 2022 at 756,000 bpd, a 7% drop compared to the fourth quarter of last year (817,000 bpd), according to direct sources.
On the other hand, reports from secondary sources to OPEC indicate that Venezuela pumped 697,000 bpd in March, in which case, there would be an increase of 1.1% compared to February (689,000 bpd).
Venezuela is still far from reaching the goal set by Nicolás Maduro of 2 million bpd by the end of 2022.
“This year we are going to 2 million barrels a day whether it rains, thunders or lightning. This year we recovered oil production by the hand of the working class,” the president said last March in an address broadcast on the state television channel Venezolana de Televisión (VTV).
Maduro insists on the increase amid an energy crisis generated by the invasion of Russia, the world's second largest oil producer, of Ukraine, and after an unexpected meeting was held between the governments of Venezuela and the United States.
Several economists and oil experts are not confident that oil production will reach two million bpd, and argue that the country would not have the capacity to cover Russia's oil supply deficit following sanctions by the Joe Biden government, in a scenario in which the US is making measures more flexible. against the state-run PDVSA.
“According to OPEC, with figures from PDVSA, Venezuela produced 728,000 barrels of oil a day in March (of) 2022, almost 100,000 barrels less than in December 2021. And if they say they are going to produce 2,000,000 barrels a day this year,” economist and former deputy José Guerra wrote on Twitter.
The United States, for its part, has ruled out importing oil from Venezuela, at least for the time being.
(With information from EFE)
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