Venezuela’s Crude Oil Production Fell from Recent Highs

SEATTLE (Oil Monster): The U.S. Energy Information and Administration (EIA) stated that Venezuela’s crude oil production has recorded significant decline from around 3.2 million barrels per day (b/d) in 2000 to nearly 735,000 b/d in September this year. Despite significant increase in oil reserves, the country continued to remain in tenth position among OPEC producers.

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The U.S. crude oil imports from Venezuela has witnessed notable decline over the past several years. The imports, which stood at 1.3 million b/d in 2001 has steadily declined to levels of about 510,000 b/d in 2018. The imports were halted in 2019 for a period of almost four years. After partial lifting of sanctions, the imports resumed in January last year. From there, it has risen to touch around 153,000 b/d in July 2023.

The crude oil production by Venezuela registered decline from the recent highs of 790,000 b/d recorded in July last year. The production was impacted due to shortage of diluent required to process heavy oil. The lifting of sanctions will result in increased imports of diluent, which in turn could result in boosted production.

The Chevron joint ventures could lead to near-term production growth in Venezuela. The Chevron output is expected to surge to 200,000 b/d by the end of next year.