Venezuelan oil production up in May: PdV

Venezuelan oil production in May reached 837,600 b/d according to preliminary figures from state oil company PdV seen by Argus, up from the 820,000 b/d reported for April.

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. Argus estimated Venezuelan production in April at about 750,000 b/d.

A PdV source said the May number could rise as figures are still being tallied for delivery to Opec.

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.

The company said in a recent planning document it is aiming for 1mn b/d by August, but there remain significant logistical bottlenecks in production, storage and transportation. US oil producer Chevron trimmed its prior 2023 Venezuelan crude production outlook by 12.5pc due to such issues.

By Carlos Camacho