Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Venezuela producing 850,000 bpd of oil, hopes to recover market share in US

    Venezuela producing 850,000 bpd of oil, hopes to recover market share in US

    November 23, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Venezuela’s PDVSA

    Caracas — Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country’s deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation.

     

    Washington in October issued a license allowing Venezuela to export oil, gas and fuel to its chosen markets through mid-April as a way to encourage negotiations for a fair presidential election next year. The measures could be reverted.

    “We have set a plan with several phases: recovery, stabilization and growth. Of course, six months in the oil industry is a short time, (but) will allow us to progress. In the medium term, we will see the results,” he said on the sidelines of an energy conference in Caracas.

    The nation has about 5,000 active wells for crude and gas output and its natural gas production currently averages some 4 billion cubic feet per day, according to official data.

    Venezuela’s oil output in October was 786,000 bpd. It will continue growing if diluents to produce exportable heavy crude grades are imported, Perez said.

    The country is hopeful it will be able to progressively recover market share in what it was the main destination of its oil, the U.S., while pushing deals for starting exports of natural gas, including to Trinidad and Tobago, Perez said.

    “The recovery of our markets, the recovery of those customers will improve over the time,” he added.

    Perez also said Venezuela is progressing in talks with Trinidad’s government for the Dragon field, a U.S.-authorized offshore project in negotiation with Trinidad’s National Gas Company (NGC) and Shell that would provide Venezuelan gas for producing liquefied natural gas and petrochemicals.

    Trinidad’s Energy Minister Stuart Young traveled to Caracas this week to negotiate the terms of Dragon’s exploration and production license, the Caribbean country’s government said on Monday.

    Reporting by Deisy Buitrago, writing by Marianna Parraga Editing by Marguerita Choy – Reuters

    Related News

    OPEC head says oil demand will keep growing

    Oil up 1% at 7-week high on hopes of positive US-China trade talks

    EU’s new Russia sanctions to target energy sector and banks

    E-book
    Resilience Exhibition

    Latest News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    June 10, 2025

    Recovered funds boost student loans, credit access for civil servants – EFCC

    June 10, 2025

    Nigeria commits $50m to Wholesale Impact Investment Fund

    June 10, 2025

    OPEC head says oil demand will keep growing

    June 10, 2025

    ‘Shell’s decision on Phase 2 of LNG Canada will depend on other opportunities’

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.