Venezuelan oil production in May reached 837,600 b/d according to preliminary figures from state oil company PdV seen by Argus, up from the 820,000 b/d reported for April.
By Argus Media – Carlos Camacho
June 5, 2023
The May production figures would be the highest level reported by the heavily-sanctioned Opec member in more than a year. Most outside sources report lower monthly production figures for the country. Argus estimated Venezuelan production in April at about 750,000 b/d.
A PdV source said the May number could rise as figures are still being tallied for delivery to Opec.
Faja production rose to 498,400 b/d in May, higher than April’s 481,000 b/d report. Oriente production fell slightly to 167,400 b/d, from 169,000 b/d in May, while Occidente was up slightly to 171,900 b/d, from 170,000 b/d in April.
The company said in a recent planning document it is aiming for 1mn b/d by August, but there remain significant logistical bottlenecks in production, storage and transportation. US oil producer Chevron trimmed its prior 2023 Venezuelan crude production outlook by 12.5pc due to such issues.
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Read More: Argus Media – Venezuelan oil production up in May: PdV
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