Venezuela oil production rises in July

  • Market: Crude oil
  • 02/08/23

Venezuela crude production rose to 843,700 b/d in July based on oil ministry figures, returning to an increase after June's drop that was one of the first such declines so far this year.

The US eased sanctions on Venezuela late last year, allowing some increased investment from outside partners in Venezuela's fields.

The July figure includes condensates and natural gas liquids (NGLs), the ministry reported. Once those byproducts are deducted — as Opec figures typically reflect — production was about 808,000 b/d, still an increase from the comparable figure of 788,000 b/d in June, an industry source estimated.

June's production was about 806,300 b/d including condensates and NGLs, oil ministry Menpet said last month.

Most outside sources report lower monthly production figures for the country. Argus estimated Venezuelan production in June at about 760,000 b/d.

The Orinoco oil belt, known as the faja, remains the top oil-producing region in Venezuela, with a 503,600 b/d average in July, up from 485,500 b/d in June. Oriente production also rose, to 164,900 b/d, from 156,100 b/d in June, while Occidente output was up as well, to 175,200 b/d from 164,700 b/d in June.

In Maracaibo, ChemStrategy consultants also reported around 173,000 b/d from Occidente in July, separate from the ministry.

Increased gasoline production from state-owned PdV's refineries and renewed export activity out of the Paraguana refining complex (CRP) — with a far underutilized capacity of 971,000 b/d — have supported the boost in crude output, analysts in Caracas and Maracaibo told Argus.


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