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Venezuela produced 928,000 bpd last month, up 0.6% from June, when it produced 922,000 bpd, according to official data collected in a report released Monday by the Organization of the Petroleum Exporting Countries (OPEC).
The Caribbean nation, which holds the largest proven reserves of crude oil, has seen its output rise for four straight months after falling to 874,000 bpd in March, despite the U.S. government reinstating sanctions related to the industry in April against Caracas after six months of relief.
Despite the reinstatement of these measures and repeated calls by Nicolás Maduro’s government for their removal, Washington has issued licenses to international companies so that they can operate in Venezuela.
President Maduro assured at the end of June that despite sanctions, through “own efforts” production has reached 1 million barrels per day, while he expected the South American country’s production to reach 3 million barrels or even “more” in 2017. Extraction of crude oil, but did not give an approximate date for reaching the target he promised.
The head of state called on foreign businessmen to invest in the Caribbean country’s oil sector, assuring that opportunities in international markets and energy security are there, while his government guarantees stability, peace and win-win relations.
Production in Venezuela’s main economic engine and largest source of foreign exchange has steadily recovered since 2020, when it fell to 569,000 bpd due to the pandemic and sanctions, to 783,000 bpd last year.
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