Venezuela’s oil production has surged to 878,000 barrels per day in April, marking the highest level in over a year. Despite ongoing challenges, the country continues to see a steady rise in production, as reported by OPEC.
Crude oil prices in Venezuela also saw a significant increase, reaching $74.91 per barrel in April. This upward trend in prices has been consistent since December, offering a positive outlook for the country’s economy.
President Nicolás Maduro aims to further boost oil production to one million barrels per day by the end of 2024 through enhanced production agreements with international investors.
The recent increase in production comes amidst easing U.S. sanctions, which have had a considerable impact on Venezuela’s oil industry. The issuance of licenses by OFAC allowed companies like Chevron to resume and expand operations in the country.
These developments are part of Venezuela’s broader efforts to revive its oil sector and stabilize the economy, given its significant role in the global energy market.