According to a recent Reuters story, Venezuela’s crude oil exports fell by an average of 333,000 barrels per day in August.
Good will | Active drilling rigs in Venezuela moved from 3 to 7 active rigs in July and August
According to secondary sources from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reported a drop of 42,000 barrels per day (bpd) in August to an average of 730,000 bpd, below the average of 741,000 barrels. . reached in the second quarter.
However, official information from the Venezuelan Ministry of Petroleum, also reported to OPEC, revealed a modest increase of 10,000 barrels per day (bd) in the same month, a figure that puts average production at 820,000 bd, 79,000 barrels per day per above pumping estimated by the organization.
According to a recent Reuters note, Venezuelan crude oil exports fell by an average of 333,000 barrels per day in August, when they fell to 544,000 bd from 877,000 barrels per day. which was sold in July, a situation caused by problems with the production infrastructure.
This data may explain the difference between the OPEC production estimate and that presented by the Venezuelan government.
According to OPEC’s own data, Venezuela was the third country with the largest reduction in production in August, surpassed by Saudi Arabia, whose production fell by 88,000 barrels per day and Angola with 60,000 bpd.
As an interesting fact, after a long time, the number of active drilling rigs in Venezuela moved to increase from 3 to 7 active rigs in July and August, which seems to reveal a concrete effort to increase production and not depend on inventories. Banking and Business Review.
