Venezuela has declared that its average crude production reached 989,000 barrels, marking the highest level of the year. This data comes from the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) published today.
Compared to the previous month, the figure reported by Venezuela is 46,000 barrels per day higher. According to secondary sources mentioned in the OPEC report, Venezuelan production in October was 895,000 barrels per day, representing an increase compared to the previous month.
Both direct and secondary sources agree that Venezuela performed better in its crude production during October compared to the first three quarters of 2024.
The report also highlights that the price of Venezuela's benchmark crude, Merey, showed an increase in October, reaching an average of $58.30 per barrel. Hydrocarbon exports have been the main source of income in the country, but the Venezuelan oil industry has faced challenges in recent years.
The Venezuelan government attributes the difficulties in the hydrocarbon industry to the sanctions imposed by the United States against the state-owned Petróleos de Venezuela S.A. (PDVSA).
