<article><p class="lead">Venezuelan oil production in May reached 837,600 b/d according to preliminary figures from state oil company PdV seen by <i>Argus</i>, up from the 820,000 b/d <a href="https://direct.argusmedia.com/newsandanalysis/article/2445029">reported for April</a>.</p><p>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. <i>Argus </i>estimated Venezuelan production in April at about 750,000 b/d.</p><p>A PdV source said the May number could rise as figures are still being tallied for delivery to Opec. </p><p>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.</p><p>The company said in a recent planning document it is <a href="https://direct.argusmedia.com/newsandanalysis/article/2449032">aiming for 1mn b/d by August</a>, but there remain significant logistical bottlenecks in production, storage and transportation. US oil producer <a href="https://direct.argusmedia.com/newsandanalysis/article/2454365">Chevron trimmed its prior 2023 Venezuelan crude production outlook</a> by 12.5pc due to such issues. </p><p class="bylines">By Carlos Camacho</p></article>
